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in Burlingame, CA
Burlingame sits in one of California's hottest job markets. The 220 Park office tower just hit 100% occupancy with tenants like Confluent and Upstart.
Both loan types work in San Mateo County, where the median household income is $156,000. The conforming limit for 2026 is $1,249,125. Your eligibility and savings determine which path makes sense.
Conventional loans are the default for most Burlingame buyers without military service. Lenders require a minimum credit score around 620, though 740+ gets the best rates.
Mortgage insurance (PMI) applies until you hit 80% equity in the home. Once you cross that threshold, you can request cancellation. The trade-off: conventional loans close faster and have fewer documentation requirements than VA loans.
VA loans offer zero down to eligible borrowers—active duty, veterans, or surviving spouses with a valid Certificate of Eligibility. The funding fee (1.25% to 3.3% of the loan) replaces PMI and rolls into the loan balance.
VA loans require more documentation and typically take longer to close. Lenders verify military status and may order a VA appraisal. The payoff: zero down and no PMI make VA loans powerful for buyers with limited savings but solid income.
Down payment is the biggest gap. Conventional requires at least 3% to 5% of the purchase price at closing. VA requires zero. For a buyer with limited savings, that difference is real money staying in the bank instead of going to the lender.
Monthly cost differs too. Conventional borrowers pay PMI until 80% equity. VA borrowers pay a one-time funding fee rolled into the loan. If you plan to stay in Burlingame long-term, VA's zero-down structure wins.
Pick conventional if you're a first-time buyer with 5% to 10% saved and a stable job in Burlingame's tech sector. Your credit is 740 or higher. You want to close in 30 days and don't want to wait for military verification.
Pick VA if you served on active duty or earned an honorable discharge and have a job offer or established income in San Mateo County. Zero down means you keep your savings intact.
Yes. Surviving spouses with a Certificate of Eligibility can use VA benefits the same way. You'll need to provide the Certificate and proof of the veteran's service. Eligibility rules are the same as for active-duty borrowers.
No. Conventional loans start at 620 FICO, but rates improve significantly above 740. Most Burlingame buyers with 680+ FICO qualify easily. Lenders focus on your income and job stability too, not just the score.
Conventional typically closes in 30 to 45 days. VA takes 45 to 60 days because lenders verify military status and order a VA appraisal. If speed matters, conventional wins.
The funding fee rolls into the loan, so it increases your balance slightly. But you skip PMI entirely, which saves money monthly. For most VA borrowers, the total payment is lower than a conventional loan at the same rate.
Yes. Once you reach 80% loan-to-value, you can request cancellation. Some lenders cancel automatically. VA loans have no PMI to cancel—the funding fee is paid once and done.