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in San Mateo, CA
San Mateo's median household income of $156,000 puts most buyers in range for both FHA and VA mortgages. Reposado opened downtown in February 2026, signaling confidence in the market.
FHA and VA both serve San Mateo's $1,249,125 loan limit. The gap between them isn't the ceiling; it's the path to get there. Down payment, mortgage insurance, and who qualifies separate these two programs entirely.
FHA loans let you put as little as 3.5% down in San Mateo. That means keeping more cash in the bank at closing. The tradeoff: mortgage insurance (MIP) stays on the loan for the full term, even after you hit 20% equity.
FHA credit floors sit around 580 FICO for the 3.5% down option. Lenders often want 640 or higher in practice. The program works for first-time buyers, repeat buyers, and anyone with limited savings who doesn't qualify for VA.
VA loans require zero down payment in San Mateo. No mortgage insurance, no PMI, no annual renewal. Instead, you pay a one-time funding fee (1.25% to 3.6% of the loan) rolled into the mortgage. That fee is the only cost for borrowing the full amount.
VA eligibility is strict: active duty, reserves, National Guard, or honorable discharge. Your Certificate of Eligibility proves it. Once approved, VA buyers skip the insurance entirely and borrow up to $1,249,125 with no down payment required.
Down payment is the first fork. FHA asks for 3.5% upfront; VA asks for nothing. On a typical San Mateo purchase, that gap is real money. FHA's mortgage insurance never leaves; VA's funding fee is paid once and done.
The second difference is who qualifies. Any buyer with a pulse and a credit score can pursue FHA. VA is locked to military service members and veterans. If you served, VA wins on total cost. If you didn't, FHA is your path forward.
Pick FHA if you're not military-eligible or if you have limited time. FHA closes faster in many cases and doesn't require a Certificate of Eligibility. You'll pay mortgage insurance for the life of the loan, but you keep more cash at closing.
Pick VA if you served and have your discharge papers. Zero down means the full purchase price plus the funding fee becomes your loan. Over 30 years, skipping mortgage insurance saves tens of thousands.
No. FHA mortgage insurance stays for the entire loan term, even after you reach 20% equity. This is the core cost difference between FHA and VA in San Mateo.
Yes. You'll need your Certificate of Eligibility from the VA to prove military service. The lender will verify it before approval. Without it, you cannot access VA benefits.
FHA's official floor is 580 FICO. Most lenders in San Mateo require 640 or higher in practice. VA has no published minimum, but lenders typically want 620+.
No. The VA funding fee is a one-time cost (1.25% to 3.6%) rolled into your loan. Mortgage insurance is an annual cost that never ends. VA's single fee is much cheaper over time.
Yes. FHA accepts self-employed borrowers with two years of tax returns and a profit-and-loss statement. VA has the same requirement. Both programs work for self-employed buyers.