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Milpitas sits in Santa Clara County, one of the highest-cost markets in California. That matters because conforming loan limits here are significantly higher than the national baseline.
HousingWire flagged a 10.4% drop in mortgage applications as the 30-year fixed hit 6.57%. For conforming borrowers in Milpitas, locking strategy matters more than usual right now. Rates vary by borrower profile and market conditions.
620
Min Credit Score
3%
Min Down Payment
~6.57% market avg
30-Year Fixed (Apr 2026)
45–50%
Max DTI (typical)
Yes, at 20% equity
PMI Cancellable
Conforming Loans in Milpitas
You need a minimum 620 credit score for most conforming loans. Stronger scores — 740 and above — get you the best pricing.
Down payment starts at 3% for first-time buyers. Repeat buyers typically put down 5%. Private mortgage insurance (PMI) applies below 20% down.
Local decision guide
Use this guide to connect conforming loans eligibility, lender expectations, and local market factors before comparing payment options in Milpitas.
Milpitas sits in Santa Clara County, one of the highest-cost markets in California. That matters because conforming loan limits here are significantly higher than the national baseline.
HousingWire flagged a 10.4% drop in mortgage applications as the 30-year fixed hit 6.57%. For conforming borrowers in Milpitas, locking strategy matters more than usual right now. Rates vary by borrower profile and market conditions.
You need a minimum 620 credit score for most conforming loans. Stronger scores — 740 and above — get you the best pricing.
Conforming loans are the most competitive product in the market. Every retail bank, credit union, and wholesale lender offers them.
That volume creates wide rate variation between lenders. We shop across 200+ wholesale lenders to find where pricing is sharpest for your profile.
The biggest mistake Milpitas buyers make is assuming the conforming limit won't cover their purchase. Santa Clara County's high-cost limit gives you real buying power.
A conforming loan beats jumbo almost every time on rate. If your target property fits within the limit, don't chase jumbo financing — you'll pay more for it.
FHA loans accept lower credit scores but carry mortgage insurance for life with low down payments. Conforming loans drop PMI once you hit 20% equity.
Jumbo loans cover higher-priced properties but come with stricter reserves and higher rates. If your loan fits the conforming limit, it's the smarter choice.
Santa Clara County is a designated high-cost area under FHFA rules. This pushes the conforming loan limit well above the national floor.
Milpitas has a dense mix of single-family homes, townhomes, and condos. Conforming loans work across all three — just confirm condo project approval status before you apply.
Santa Clara County qualifies as a high-cost area. The limit exceeds the national baseline — check current FHFA limits before assuming you need jumbo.
Yes, but the condo project must be Fannie Mae or Freddie Mac approved. We can verify approval status before you make an offer.
Lenders require a 620 minimum. Scores of 740+ get the best rates — even a 20-point difference can shift your pricing noticeably.
PMI is required when you put less than 20% down. Unlike FHA, you can cancel PMI once your equity reaches 20%.
All conforming loans are conventional, but not all conventional loans are conforming. Jumbo loans are conventional but exceed the conforming limit.
If your purchase fits within the county limit, yes. Conforming loans carry lower rates and easier approval requirements than jumbo products.