Question 1

What's the jumbo loan limit in San Mateo?

Accepted Answer

Anything above $806,500 counts as jumbo. Most single-family homes in San Mateo exceed this threshold based on current market pricing.

Question 2

Do jumbo loans always have higher rates?

Accepted Answer

Not anymore. Jumbo rates often match or beat conventional when credit scores exceed 760 and reserves are strong. Rates vary by borrower profile and market conditions.

Question 3

Can I avoid PMI with less than 20% down on a jumbo loan?

Accepted Answer

Some lenders offer single-premium MI or lender-paid options on jumbos. Most jumbo programs require 20% down to skip mortgage insurance entirely.

Question 4

How much in reserves do I need for a jumbo loan?

Accepted Answer

Expect 12 months minimum. Loans above $2 million typically require 18-24 months of housing payments sitting in verified accounts after closing.

Question 5

Can I use a conventional loan for a high-value San Mateo property?

Accepted Answer

Only if the loan amount stays under $806,500. Structure your down payment to hit that limit if you want conventional terms on a pricier home.

Conventional vs Jumbo Loans in San Mateo: Which Fits Your Budget?