Question 1

Can I use a VA loan for a $1.5M Burlingame home?

Accepted Answer

Yes, but you'll need a down payment above the $1,089,300 county limit. The first $1.09M qualifies for zero down, then you cover the rest.

Question 2

Do VA loans take longer to close than conventional loans?

Accepted Answer

Not anymore. VA appraisals used to slow things down, but timelines now match conventional loans at 30-45 days in most cases.

Question 3

What credit score do I need for each loan type?

Accepted Answer

Most VA lenders accept 580-600 credit. Conventional loans typically require 620 minimum, with better rates at 740+.

Question 4

Can I avoid mortgage insurance on a conventional loan?

Accepted Answer

Yes, by putting 20% down. On a $1.2M Burlingame home, that's $240,000 upfront to eliminate monthly PMI.

Question 5

Do VA loans have income limits in San Mateo County?

Accepted Answer

No income limits exist. You just need enough income to cover the mortgage payment and qualify under debt-to-income rules.

Conventional vs VA Loans in Burlingame: Which Mortgage Wins for Your Peninsula Home?