Question 1

What credit score do I need for a conventional loan in San Mateo?

Accepted Answer

Minimum scores start at 620, but most competitive offers require 680 or higher. San Mateo's market favors borrowers with strong credit profiles who can secure better rates and terms.

Question 2

How much should I put down on a San Mateo home?

Accepted Answer

You can put down as little as 3-5%, but 20% down eliminates private mortgage insurance and strengthens your offer. Consider your budget, monthly payment comfort, and competitive position.

Question 3

Do conventional loans work for San Mateo condos?

Accepted Answer

Yes, but lenders must approve the specific HOA. Request approval status for your target building early, as some developments have concentration or financial issues that limit financing options.

Question 4

How do conventional loans compare to FHA in San Mateo?

Accepted Answer

Conventional loans cost less for borrowers with 10%+ down and good credit. FHA allows lower scores and smaller down payments but includes ongoing mortgage insurance regardless of equity.

Question 5

What are conforming loan limits in San Mateo County?

Accepted Answer

San Mateo County has high-cost area limits above the baseline. Properties exceeding these amounts require jumbo financing with different requirements and pricing. Your lender can confirm current limits.

Conventional Loans in San Mateo: Financing Options for Silicon Valley's Mid-Peninsula Market