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 amount require jumbo financing. FHA and VA loans also cap at $1,249,125 in this county.

Question 2

Do I need 20% down to buy in Mountain View?

Accepted Answer

Yes — 20% down avoids PMI on conventional loans. Conventional loans accept 3% to 5% down with PMI. FHA allows 3.5% down with a 580+ credit score.

Question 3

Is Santa Clara County an FHA high-cost area?

Accepted Answer

Yes. Santa Clara County is designated a high-cost area for FHA loans. This means higher loan limits but also stricter property standards.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require 620 to 640 minimum for conventional loans. FHA accepts 580+. VA typically expects 620+. Higher scores qualify for better rates.

Question 5

How does the new medical school at Santa Clara University affect Mountain View's market?

Accepted Answer

The Mark & Mary Stevens School of Medicine brings physician training to the region. This supports long-term housing demand and professional employment growth.

Question 6

Can I get a VA loan with zero down in Mountain View?

Accepted Answer

Yes. VA-eligible borrowers can finance 100% of the purchase price. The funding fee replaces PMI. A 10%+ disability rating exempts you from the funding fee.

Question 7

What's the difference between FHA and conventional loans in this price range?

Accepted Answer

FHA requires 3.5% down and mortgage insurance for the loan's life if down payment is under 10%. Conventional typically needs 5%+ down and PMI cancels at 20% equity.

Question 8

Can I carry two mortgages while buying in Mountain View?

Accepted Answer

Yes. If you have sufficient income and reserves, you can own two homes simultaneously. Lenders typically allow this if your total debt-to-income ratio stays under 43% to 50%.

Question 9

What income do I need to qualify for a $1,000,000 loan?

Accepted Answer

Most lenders require a debt-to-income ratio of 43% to 50%. On a $1,000,000 loan, you'd typically need household income around $120,000 to $160,000 depending on other debts.

Question 10

What's the difference between a rate lock and a rate hold?

Accepted Answer

A rate lock guarantees your rate for a set period, usually 30 to 60 days. A rate hold is informal and may expire or carry a fee. Always lock in writing.

Question 11

Can I use a gift for my down payment in Mountain View?

Accepted Answer

Yes. Most lenders allow gift funds from family members. You'll need a gift letter stating the money is a gift, not a loan. The donor doesn't need to be on the mortgage.

Question 12

Is PMI tax-deductible on a conventional loan?

Accepted Answer

PMI is not tax-deductible for most borrowers. Mortgage interest and property taxes are deductible if you itemize. Consult a tax professional about your specific situation.

Question 13

How long does closing typically take in Santa Clara County?

Accepted Answer

Most closings take 30 to 45 days from contract to funding. Complex appraisals or title issues can extend this. Jumbo loans sometimes take 45 to 60 days.

Question 14

What does it cost to close on a home in Mountain View?

Accepted Answer

Closing costs typically run 2% to 5% of the purchase price. This includes appraisal, title insurance, escrow fees, and lender fees. Ask your lender for a Loan Estimate within three business days.

Mountain View mortgage FAQ: Rates, limits, and local buying questions answered