Question 1

What's the maximum FHA loan amount in San Mateo?

Accepted Answer

FHA limits in San Mateo County adjust annually based on area housing costs. Contact a lender for current year limits, as they change each January to reflect local market conditions.

Question 2

Can I use an FHA loan for a San Mateo condo?

Accepted Answer

Yes, if the condo complex has FHA approval. The entire building must meet FHA standards, not just your unit. Check the HUD approved condo list before making offers.

Question 3

How much is FHA mortgage insurance in San Mateo?

Accepted Answer

FHA charges 1.75% upfront plus annual premiums of 0.55-1.05% depending on loan terms. On a typical San Mateo purchase, this adds several hundred dollars monthly to your payment.

Question 4

Do San Mateo sellers accept FHA offers?

Accepted Answer

Many do, though some prefer conventional financing. Strong pre-approval, competitive earnest money, and flexibility on closing dates improve FHA offer acceptance in this competitive market.

Question 5

What credit score do I need for an FHA loan here?

Accepted Answer

Minimum is 580 for 3.5% down, or 500-579 with 10% down. Higher scores above 640 typically receive better rates and smoother approvals from San Mateo lenders.

FHA Loans in San Mateo: Low Down Payment Options in the Heart of the Peninsula