Question 1

What credit score do I need to buy in San Francisco?

Accepted Answer

Conventional loans require at least 620. Jumbo loans — common in SF — typically require 700 or higher.

Question 2

What is a conforming loan limit in San Francisco County?

Accepted Answer

The 2026 conforming limit for San Francisco County is $1,249,125. Anything above that is a jumbo loan.

Question 3

Are most San Francisco mortgages jumbo loans?

Accepted Answer

Yes. Most SF properties exceed the conforming limit. Expect to go jumbo unless you're buying a lower-priced condo or TIC.

Question 4

How much do I need for a down payment in SF?

Accepted Answer

Conventional loans start at 3-5% down. Jumbo lenders in SF typically want 10-20% minimum.

Question 5

Can I use an FHA loan to buy in San Francisco?

Accepted Answer

Yes, but FHA's loan limit caps what you can borrow. SF prices often push buyers into jumbo territory beyond FHA's reach.

Question 6

What is a TIC and how does it affect my mortgage?

Accepted Answer

A TIC — tenancy in common — is common in SF. Not all lenders finance TICs, but we have access to portfolio lenders who do.

Question 7

Can self-employed borrowers get a mortgage in SF?

Accepted Answer

Absolutely. Bank statement loans and 1099 loans are built for self-employed buyers. You skip the tax return requirement entirely.

Question 8

What documents do I need to apply for a mortgage?

Accepted Answer

W-2 borrowers need 2 years of tax returns, pay stubs, and bank statements. Self-employed borrowers may use 12-24 months of bank statements instead.

Question 9

How long does mortgage approval take in San Francisco?

Accepted Answer

Pre-approval can happen in 24-48 hours. Full underwriting typically takes 21-30 days depending on loan complexity.

Question 10

What are closing costs in San Francisco?

Accepted Answer

Expect 2-3% of the loan amount in closing costs. On a $1.5M purchase, that's $30,000-$45,000 out of pocket.

Question 11

Does San Francisco have a transfer tax?

Accepted Answer

Yes. SF's transfer tax is tiered by sale price and can be significant on high-value properties. Budget for it separately from standard closing costs.

Question 12

What is PMI and when do I have to pay it?

Accepted Answer

PMI — private mortgage insurance — kicks in when you put less than 20% down on a conventional loan. It typically costs 0.5-1.5% of the loan per year.

Question 13

How do I avoid PMI on a San Francisco home purchase?

Accepted Answer

Put 20% down or use a piggyback loan — an 80/10/10 structure splits the financing to avoid PMI. Ask us which option saves you more.

Question 14

What is a jumbo loan and how is it different from conventional?

Accepted Answer

Jumbo loans exceed the conforming limit. They have stricter credit, income, and reserve requirements — but we shop 200+ lenders to find competitive rates.

Question 15

Are adjustable-rate mortgages (ARMs) a good fit for SF buyers?

Accepted Answer

ARMs can lower your initial rate significantly. They work well for buyers who plan to sell or refinance within 5-10 years.

Question 16

What is a portfolio ARM?

Accepted Answer

Portfolio ARMs are held by the lender — not sold to Fannie or Freddie. They offer more flexible qualifying and are common for high-value SF properties.

Question 17

Can I get a mortgage with an ITIN instead of a Social Security number?

Accepted Answer

Yes. ITIN loans are available for borrowers without a Social Security number. We have lenders who specialize in this program.

Question 18

Can foreign nationals buy property in San Francisco?

Accepted Answer

Yes. Foreign national loans require larger down payments — typically 25-40%. Credit history from your home country does not apply to U.S. underwriting.

Question 19

What is a DSCR loan and who uses it in SF?

Accepted Answer

DSCR — debt service coverage ratio — loans qualify based on rental income, not your personal income. SF investors use them to buy multi-unit properties.

Question 20

What is a bridge loan and when does it make sense in SF?

Accepted Answer

A bridge loan lets you tap your current home's equity to buy before you sell. In SF's fast market, this gives you buying power without a sale contingency.

Question 21

What is a bank statement loan?

Accepted Answer

Bank statement loans use 12-24 months of deposits to verify income instead of tax returns. They're designed for self-employed borrowers whose tax returns don't reflect real earnings.

Question 22

What is an asset depletion loan?

Accepted Answer

An asset depletion loan converts your liquid assets into qualifying income. Useful for retired SF buyers or those with significant savings but low reported income.

Question 23

What is an interest-only mortgage?

Accepted Answer

You pay only interest for a set period — typically 5-10 years. Monthly payments are lower, which helps cash flow on expensive SF properties.

Question 24

What is a profit and loss statement loan?

Accepted Answer

A P&L loan uses a CPA-prepared profit and loss statement to verify self-employment income. No tax returns required — just 12-24 months of business financials.

Question 25

What is a HELOC and how can SF homeowners use it?

Accepted Answer

A HELOC — home equity line of credit — lets you borrow against your home's equity as needed. Many SF homeowners use them for renovations or investment down payments.

Question 26

What is a reverse mortgage and who qualifies?

Accepted Answer

Reverse mortgages are for homeowners 62 and older. You draw on your equity without monthly payments — common for SF retirees with high home equity and fixed income.

Question 27

Can I get a construction loan for a new build in SF?

Accepted Answer

Yes. Construction loans cover the build phase and convert to a permanent mortgage at completion. SF's permitting timeline affects how lenders structure these deals.

Question 28

What is a VA loan and can I use it in San Francisco?

Accepted Answer

VA loans are for eligible veterans and active military. There's no down payment requirement, no PMI, and the VA's SF county limit covers most purchases.

Question 29

Does USDA apply to San Francisco?

Accepted Answer

No. USDA loans are for rural and suburban areas. San Francisco does not qualify. Look at conventional, FHA, or jumbo options instead.

Question 30

What is a community mortgage program?

Accepted Answer

Community mortgage programs offer flexible qualifying for borrowers in underserved markets. Income limits and property location requirements apply — not every SF property qualifies.

Question 31

What is the debt-to-income ratio lenders look for?

Accepted Answer

Most conventional lenders want a DTI — total monthly debt divided by gross income — below 43-45%. Jumbo lenders often want it under 43%.

Question 32

How do reserves affect jumbo loan approval in SF?

Accepted Answer

Jumbo lenders typically want 6-12 months of mortgage payments in reserve after closing. In SF, that can mean $100,000+ in liquid assets.

Question 33

Can I get pre-approved before finding a property?

Accepted Answer

Yes — and in SF you should. Sellers expect offers to come with a solid pre-approval. We can turn this around in 24-48 hours.

Question 34

What is rate shopping and why does it matter in SF?

Accepted Answer

Rate shopping means comparing offers across multiple lenders. We do this automatically with 200+ wholesale lenders — a quarter-point difference saves thousands over a jumbo loan's life.

Question 35

What neighborhoods in SF are popular with buyers?

Accepted Answer

The Mission, Noe Valley, Pacific Heights, and the Sunset each have different price points and property types. Your loan structure should match the neighborhood's typical inventory.

Question 36

What is an equity appreciation loan?

Accepted Answer

Equity appreciation loans let you access a portion of your home's equity in exchange for a share of future appreciation. Useful for cash-poor, equity-rich SF homeowners.

Question 37

How do I compare FHA vs. conventional loans in SF?

Accepted Answer

FHA has lower credit requirements but charges mortgage insurance for the life of the loan. Conventional drops PMI once you hit 20% equity — often the better long-term play in SF.

Question 38

Are mortgage rates higher for condos in SF?

Accepted Answer

Sometimes. Lenders add pricing adjustments for condos, especially high-rise buildings with high investor concentration. Your rate depends on the building's approval status.

Question 39

What is a 1099 loan?

Accepted Answer

A 1099 loan uses your 1099 income forms — not tax returns — to verify earnings. Designed for contractors, freelancers, and gig workers who write off significant expenses.

Question 40

How do I start the mortgage process with SRK CAPITAL?

Accepted Answer

Contact us directly. We review your situation, match you to the right lender and program, and get you pre-approved — usually within one business day.

San Francisco Mortgage FAQs: Real Answers From a CA Broker