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FHA Loans in Burlingame
Burlingame sits in the heart of San Mateo County, where premium real estate meets discerning buyers. FHA loans offer an accessible path to homeownership here, requiring just 3.5% down for qualified borrowers.
These government-insured mortgages help first-time buyers and those rebuilding credit compete in this desirable Peninsula community. FHA financing works particularly well for condos and townhomes common throughout Burlingame neighborhoods.
The flexibility of FHA programs makes them valuable despite higher median prices across San Mateo County. Rates vary by borrower profile and market conditions, but the consistent standards provide clarity during the home search.
FHA loans require a minimum 580 credit score for the 3.5% down payment option. Borrowers with scores between 500-579 can still qualify but need 10% down instead.
Your debt-to-income ratio can reach 43% in most cases, sometimes higher with compensating factors. FHA accepts multiple income sources including employment, self-employment, and retirement funds.
Recent bankruptcies or foreclosures don't automatically disqualify you. FHA guidelines allow applications two years after bankruptcy discharge and three years after foreclosure completion.
Most major banks and credit unions in San Mateo County offer FHA loans, but their overlays vary significantly. Some add stricter requirements beyond basic FHA guidelines.
Working with an experienced mortgage broker gives you access to multiple FHA lenders simultaneously. This matters because approval odds and pricing can differ substantially between institutions.
FHA loan limits for San Mateo County exceed standard limits due to high housing costs. The county's elevated limits help buyers pursue properties that match local price points.
Community banks sometimes offer more flexible underwriting than national lenders. They may better understand Burlingame's specific neighborhoods and property types.
FHA loans require both upfront and annual mortgage insurance premiums. The upfront premium of 1.75% typically gets rolled into your loan amount rather than paid at closing.
Annual premiums remain for the loan's life on purchases with less than 10% down. This cost factors into your monthly payment and affects overall affordability calculations.
Burlingame's condo market presents specific FHA considerations. The building must maintain FHA approval status, which not all homeowners associations pursue or maintain.
Getting pre-approved specifically for FHA financing signals sellers that you're a serious buyer. Your offer strength comes from solid financing, not just your purchase price.
Conventional loans require higher credit scores but eliminate mortgage insurance sooner. With 20% down, you avoid private mortgage insurance entirely from day one.
VA loans beat FHA terms for qualifying veterans and service members. No down payment requirement and no monthly mortgage insurance make VA the superior choice when available.
USDA loans serve specific rural areas but don't apply to Burlingame's suburban setting. FHA remains your government-backed option in this Peninsula location.
The 3.5% down payment distinguishes FHA from most conventional programs requiring 5-20%. This lower barrier to entry helps buyers enter the market sooner.
Burlingame's proximity to San Francisco International Airport and major employers makes it highly desirable. Property values reflect this location advantage across all home types.
The city's well-maintained housing stock ranges from charming bungalows to modern condos. FHA property standards require homes to meet safety and livability requirements regardless of age.
San Mateo County's competitive market means multiple offers occur frequently. FHA buyers succeed by moving quickly and working with agents who understand government loan timelines.
Property tax rates and homeowners association fees impact your total housing payment. FHA underwriters include these costs when calculating your debt-to-income ratio.
San Mateo County has elevated FHA limits due to high housing costs. Current limits exceed the standard baseline, accommodating the area's premium real estate market.
Yes, but the condominium complex must appear on FHA's approved list. Your lender verifies this status during the approval process before you submit offers.
Scores of 580+ qualify for 3.5% down, while 500-579 require 10% down. Higher scores typically secure better interest rates from lenders.
You pay 1.75% upfront (usually financed) plus annual premiums of 0.55-1.05% based on loan terms. Annual premiums divide into monthly payments.
Absolutely. Strong pre-approval, quick response times, and competitive offers help FHA buyers succeed. Many sellers accept FHA financing when buyers demonstrate solid qualifications.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.