Question 1

Can I use FHA for a $2 million Woodside home?

Accepted Answer

No. FHA caps at $1,149,825 in San Mateo County. You need conventional or jumbo financing above that.

Question 2

Which loan has lower monthly payments?

Accepted Answer

Depends on down payment. FHA's permanent insurance often costs more long-term despite the smaller down payment.

Question 3

Does conventional require 20% down?

Accepted Answer

No. You can put as little as 5% down. PMI applies until you hit 20% equity.

Question 4

Can I cancel FHA mortgage insurance?

Accepted Answer

Only by refinancing to conventional once you have 20% equity. It doesn't drop off automatically.

Question 5

Which loan type closes faster?

Accepted Answer

Conventional typically closes quicker. FHA requires appraisals that flag repairs, which can delay funding.

Conventional vs FHA Loans in Woodside: Which Fits Your Budget?