Question 1

What credit score do I need for a conventional loan in Burlingame?

Accepted Answer

Minimum is 620, but 740+ gets best pricing. Most Burlingame approvals happen with 760+ scores because local competition drives standards higher.

Question 2

How much down payment is required?

Accepted Answer

First-time buyers can put down 3%, repeat buyers need 5% minimum. Larger down payments reduce PMI costs and improve approval odds in competitive offers.

Question 3

Can I cancel PMI on a conventional loan?

Accepted Answer

Yes, PMI cancels automatically at 78% loan-to-value or by request at 80%. This typically happens after 2-4 years with normal appreciation and payments.

Question 4

What's the difference between conventional and jumbo in Burlingame?

Accepted Answer

Conventional conforming maxes at $806,500 in San Mateo County with better rates. Above that, you need jumbo financing with stricter requirements and higher costs.

Question 5

How long does conventional loan approval take?

Accepted Answer

Plan 50-60 days from offer to close. Appraisals take 2-3 weeks, underwriting 10-14 days. Shorter timelines risk delays and added costs.

Question 6

Do I need reserves for a conventional loan?

Accepted Answer

Most lenders want 6-12 months of mortgage payments in reserves after closing. Higher reserves strengthen your application and can offset higher DTI ratios.

Conventional Loans in Burlingame: Flexible Financing for Peninsula Buyers