Question 1

What's the conforming loan limit in Santa Clara County for 2026?

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above that are jumbo. FHA and VA loans also cap at $1,249,125 here.

Question 2

Do I need 20% down to buy in Los Gatos?

Accepted Answer

Yes — conventional loans accept 3% to 5% down. You'll pay PMI below 20%. FHA allows 3.5% down with 580+ FICO.

Question 3

What credit score do I need to qualify?

Accepted Answer

Conventional loans typically require 620+. FHA accepts 580+ for the 3.5% down program. VA has no official minimum but most lenders require 620+.

Question 4

Is Santa Clara County an FHA high-cost area?

Accepted Answer

Yes. FHA high-cost area status means standard MIP rates apply. Your upfront MIP is 1.75% of the loan amount.

Question 5

Is Santa Clara County a VA high-cost area?

Accepted Answer

Yes. VA high-cost area status doesn't change the funding fee. The funding fee is 2.15% at zero down for first-time users.

Question 6

Can I get a VA loan with zero down in Los Gatos?

Accepted Answer

Yes. VA loans require zero down and no PMI. You pay a funding fee instead—2.15% at zero down for first-time users.

Question 7

What does the new Santa Clara medical school mean for the market?

Accepted Answer

The medical school brings physician training and healthcare jobs to the South Bay. More professional employment typically supports steady home values.

Question 8

How much income do I need to qualify for a conventional loan?

Accepted Answer

There's no hard income floor, but lenders use debt-to-income ratios. Most want your total monthly debt under 43% of gross income.

Question 9

What's the difference between FHA and VA loans in this county?

Accepted Answer

FHA requires 3.5% down minimum and charges MIP for life if down payment is under 10%. VA requires zero down, no PMI, and a funding fee.

Question 10

Do jumbo loans cost more in Los Gatos?

Accepted Answer

Yes. Jumbo rates typically run 0.125% to 0.5% above conforming. Jumbo lenders usually require 20% down, 700+ FICO, and 6-12 months reserves.

Question 11

Can I refinance my VA loan later?

Accepted Answer

Yes. VA loans can be refinanced into another VA loan or conventional. VA Streamline (IRRRL) refinances skip the appraisal and income verification.

Question 12

How long does it take to close on a home in Los Gatos?

Accepted Answer

Typical closing is 30 to 45 days. VA loans often close faster because the VA appraisal is streamlined. Jumbo loans may take longer.

Question 13

What happens to my FHA mortgage insurance?

Accepted Answer

FHA MIP cancels after 11 years if you put down 10% or more. If you put down less than 10%, MIP stays for life.

Question 14

Are there first-time buyer programs in Santa Clara County?

Accepted Answer

Yes. FHA's 3.5% down program is popular with first-time buyers. Some lenders offer grants or closing-cost assistance through local nonprofits.

Question 15

What if I have a VA disability rating?

Accepted Answer

Veterans with a 10% or higher VA disability rating are exempt from the VA funding fee. This saves 2.15% to 3.3% on the loan amount.

Los Gatos mortgage questions answered