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Burlingame sits in one of California's most competitive real estate markets. Conventional loans dominate here because most properties exceed conforming limits, and buyers need flexibility.
The typical Burlingame buyer brings strong credit and significant assets. Conventional financing rewards that profile with better rates and lower monthly costs than government-backed options.
Conventional Loans in Burlingame
You need 620 credit minimum, but 740+ unlocks the best pricing. Most Burlingame deals close with scores above 760 because competition drives standards up.
Down payment starts at 3% for first-time buyers, 5% for repeat buyers. Expect to show reserves—lenders want 6-12 months of mortgage payments in the bank after closing.
Debt-to-income ratio caps at 50% with strong compensating factors. We see approvals at 45-48% regularly when credit and reserves look solid.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Burlingame.
Burlingame sits in one of California's most competitive real estate markets. Conventional loans dominate here because most properties exceed conforming limits, and buyers need flexibility.
The typical Burlingame buyer brings strong credit and significant assets. Conventional financing rewards that profile with better rates and lower monthly costs than government-backed options.
You need 620 credit minimum, but 740+ unlocks the best pricing. Most Burlingame deals close with scores above 760 because competition drives standards up.
We shop your loan across 200+ lenders to find rate differences that can save $200-400 monthly. Banks price identically, but portfolio lenders and credit unions often beat them by 0.25-0.50%.
Overlays matter more than guidelines. One lender caps DTI at 45%, another approves 49% with the same credit score. We know which underwriters accept what.
Rate locks matter in this market. Volatility can swing rates 0.375% in a week. We lock strategically based on your closing timeline and market direction.
Burlingame buyers often assume jumbo is their only option. We run both conventional and jumbo scenarios because sometimes splitting into a conventional first and piggyback second saves money.
PMI costs less than most borrowers think—often $150-250 monthly on a $1.2M purchase. Paying it for 2-3 years beats draining savings for 20% down when rates are attractive.
The 45-day close is dying here. Appraisals take 2-3 weeks, underwriting another 10 days. Give yourself 50-60 days or risk extension fees and seller frustration.
FHA requires 3.5% down but charges 1.75% upfront mortgage insurance plus 0.85% annually forever on most loans. Conventional PMI costs less and cancels at 20% equity—massive difference over time.
Jumbo loans start where conventional conforming limits end. For 2026, that's $832,750 in San Mateo County. Below that threshold, conventional almost always wins on rate and flexibility.
San Mateo County has higher conforming limits than most of California. That $832,750 ceiling means more Burlingame buyers qualify for conventional conforming rates instead of jumbo pricing.
Condos dominate certain Burlingame neighborhoods. Lenders scrutinize HOA budgets, reserves, and owner-occupancy ratios. We pre-screen buildings before you make offers to avoid appraisal surprises.
Sellers here expect clean financing. Pre-approval letters from direct lenders or brokers carry more weight than online pre-quals. We provide detailed approval summaries that listing agents trust.
Minimum is 620, but 740+ gets best pricing. Most Burlingame approvals happen with 760+ scores because local competition drives standards higher.
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.
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.
Conventional conforming maxes at $832,750 in San Mateo County with better rates. Above that, you need jumbo financing with stricter requirements and higher costs.
Plan 50-60 days from offer to close. Appraisals take 2-3 weeks, underwriting 10-14 days. Shorter timelines risk delays and added costs.
Most lenders want 6-12 months of mortgage payments in reserves after closing. Higher reserves strengthen your application and can offset higher DTI ratios.