Question 1

What is the conforming loan limit in South San Francisco?

Accepted Answer

San Mateo County's 2024 conforming loan limit is $766,550 for single-family homes. This elevated limit reflects the Peninsula's high housing costs and applies countywide.

Question 2

Can I use a conforming loan for a South San Francisco condo?

Accepted Answer

Yes, conforming loans work for approved condominiums. The building must meet Fannie Mae or Freddie Mac project approval requirements regarding owner occupancy rates and financial health.

Question 3

How much down payment do I need for a conforming loan?

Accepted Answer

First-time buyers can put down as little as 3%, while repeat buyers need 5% minimum. Larger down payments reduce or eliminate private mortgage insurance requirements.

Question 4

What credit score do I need to qualify in South San Francisco?

Accepted Answer

The minimum credit score is 620, but scores above 740 receive the best rates. Rates vary by borrower profile and market conditions, with significant pricing tiers at different score levels.

Question 5

How do conforming loans compare to jumbo loans for Peninsula properties?

Accepted Answer

Conforming loans offer lower rates and easier qualification when your purchase price stays within the $766,550 limit. Properties exceeding this amount require jumbo financing with stricter requirements.

Conforming Loans in South San Francisco: Competitive Rates for Peninsula Homebuyers