Question 1

What is the jumbo loan limit in Burlingame?

Accepted Answer

Jumbo loans exceed conforming limits, which vary by county. In San Mateo County, loans above the FHFA conforming limit qualify as jumbo. Your lender can confirm current threshold amounts.

Question 2

Can I get a jumbo loan with 10% down in Burlingame?

Accepted Answer

Yes, some lenders offer jumbo loans with 10% down, though 15-20% is more common. Lower down payments typically require higher credit scores and may carry premium pricing.

Question 3

How do jumbo loan rates compare to conforming rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Jumbo rates historically ran higher than conforming rates, but competitive lending has narrowed or eliminated this gap for well-qualified borrowers.

Question 4

Do jumbo loans require private mortgage insurance?

Accepted Answer

Jumbo loans typically avoid PMI even with less than 20% down. Instead, lenders price the additional risk into the interest rate, which may offer tax advantages for some borrowers.

Question 5

What documentation do I need for a Burlingame jumbo loan?

Accepted Answer

Expect to provide two years of tax returns, W-2s or 1099s, pay stubs, bank statements showing reserves, and asset documentation. Self-employed borrowers need additional business financial statements.

Jumbo Loans in Burlingame: Finance Your Peninsula Home with Confidence