Question 1

What credit score do I need to buy in Burlingame?

Accepted Answer

Conventional loans start at 620, but most Burlingame buyers need 700+ for jumbo financing. Higher scores unlock better rates on expensive properties.

Question 2

How much down payment do I need in Burlingame?

Accepted Answer

Jumbo loans typically require 20% down. On a $2 million home, that's $400,000—though some programs go as low as 10% with strong credit.

Question 3

What's the typical price range for homes in Burlingame?

Accepted Answer

Most single-family homes run $1.5M to $4M+. Condos near downtown or the train station start around $800K but still often need jumbo loans.

Question 4

How long does mortgage approval take in Burlingame?

Accepted Answer

Full approval takes 21-30 days with complete documentation. Pre-approval happens in 48 hours if you have tax returns and bank statements ready.

Question 5

Do I need a jumbo loan for Burlingame real estate?

Accepted Answer

Yes for most properties. Conforming loan limits are $806,500 as of February 2026, and most Burlingame homes exceed that threshold significantly.

Question 6

What's the difference between FHA and conventional loans?

Accepted Answer

FHA allows 580 credit and 3.5% down but caps at $644,000 in San Mateo County. Conventional starts at 620 credit, 3% down, and goes to $806,500.

Question 7

Can self-employed buyers get mortgages in Burlingame?

Accepted Answer

Absolutely. Bank statement loans use 12-24 months of deposits instead of tax returns. We also have 1099 and profit-loss statement programs.

Question 8

What documents do I need to apply for a mortgage?

Accepted Answer

Two years tax returns, 60 days bank statements, recent pay stubs, W-2s, and purchase contract. Self-employed borrowers need business returns too.

Question 9

How much are closing costs in Burlingame?

Accepted Answer

Budget 2-3% of purchase price. On a $2M home, expect $40K-$60K covering lender fees, title, escrow, appraisal, and prepaid taxes and insurance.

Question 10

What neighborhoods in Burlingame are most popular with buyers?

Accepted Answer

Downtown Burlingame near Broadway attracts buyers wanting walkability. The Easton Addition and Lyon-Hoag areas draw families seeking top-rated schools and larger lots.

Question 11

Should I get a fixed rate or adjustable rate mortgage?

Accepted Answer

Fixed rates lock your payment for 30 years. ARMs start 0.5-1% lower but adjust after 5, 7, or 10 years—good if you plan to sell or refinance.

Question 12

What's a DSCR loan and who needs one?

Accepted Answer

DSCR loans qualify you on rental income, not personal income. Investors buying Burlingame rentals use these when they don't want to show tax returns.

Question 13

Can I use cryptocurrency assets to qualify for a mortgage?

Accepted Answer

Some lenders now accept verified crypto holdings for income calculation and reserves. This works for non-QM products, particularly helpful for tech professionals with digital assets.

Question 14

What are mortgage points and should I pay them?

Accepted Answer

One point equals 1% of loan amount and typically buys 0.25% lower rate. Worth it if you keep the loan 5+ years—common in Burlingame with low turnover.

Question 15

Do I need PMI on a Burlingame home purchase?

Accepted Answer

PMI applies when you put down less than 20%. On jumbo loans, you'll pay 0.3-1.5% annually until you hit 20% equity through payments or appreciation.

Question 16

What's an asset depletion loan?

Accepted Answer

Asset depletion divides your liquid assets by 360 months to calculate qualifying income. Retirees or investors with large stock portfolios use these instead of showing W-2 income.

Question 17

How competitive is the Burlingame housing market?

Accepted Answer

Very competitive, especially for move-in ready homes near schools and transit. Cash offers are common, so strong financing and quick close timelines matter.

Question 18

Can foreign nationals buy property in Burlingame?

Accepted Answer

Yes. Foreign national loans require 30-40% down and accept international income documentation. We see many buyers from Asia purchasing Burlingame investment properties.

Question 19

What's a bridge loan and when do I need one?

Accepted Answer

Bridge loans let you buy before selling your current home. Common in Burlingame when buyers need to move fast but have equity tied up elsewhere.

Question 20

Are interest-only mortgages available in Burlingame?

Accepted Answer

Yes, typically on jumbo loans. You pay only interest for 5-10 years, lowering payments. Works for high earners expecting bonuses or stock vesting to pay down principal.

Question 21

What credit score do I need for a jumbo loan?

Accepted Answer

Most jumbo lenders want 700 minimum, but 740+ gets you the best rates. Jumbo underwriting is stricter since loans aren't backed by Fannie or Freddie.

Question 22

Can I get a VA loan in Burlingame?

Accepted Answer

Veterans can use VA loans up to $806,500 with zero down. Above that, you'll need a down payment on the difference—tough for most Burlingame properties over $1.5M.

Question 23

What's the advantage of a portfolio ARM?

Accepted Answer

Portfolio ARMs stay with the lender instead of being sold. This means more flexible underwriting and potentially better rates for strong borrowers with non-standard income.

Question 24

How do bank statement loans work for self-employed buyers?

Accepted Answer

Lenders analyze 12-24 months of business or personal bank deposits. They calculate average monthly income without needing tax returns—critical for write-off-heavy businesses.

Question 25

What are reserves and how much do I need?

Accepted Answer

Reserves are liquid assets after closing—typically 6-12 months of mortgage payments. Jumbo loans in Burlingame often require 12-24 months for properties over $2M.

Question 26

Can I buy a Burlingame investment property with a DSCR loan?

Accepted Answer

Yes. DSCR loans approve based on rental income covering the mortgage payment. No income verification needed—ideal for investors with multiple properties or complex tax returns.

Question 27

What's the benefit of an ITIN loan?

Accepted Answer

ITIN loans don't require a Social Security number—just an Individual Taxpayer ID. Borrowers show two years of tax returns and qualify like any conventional applicant.

Question 28

Should I lock my rate now or wait?

Accepted Answer

Rate cuts are expected later this year but timing is uncertain as of February 2026. If you're buying soon, lock when you're within 45 days of closing.

Question 29

What's a hard money loan and when is it useful?

Accepted Answer

Hard money loans fund in days based on property value, not credit. Investors use these for fixer properties or quick purchases, then refinance into permanent financing.

Question 30

Can I get a HELOC on my Burlingame home?

Accepted Answer

Yes. HELOCs let you borrow against equity as needed. Useful for renovations or buying a second property—rates are variable and tied to prime rate.

Question 31

What's a construction loan for Burlingame properties?

Accepted Answer

Construction loans fund in stages as your build progresses. After completion, they convert to permanent financing—common for tear-downs or major renovations in established neighborhoods.

Question 32

Are there special loans for first-time buyers in Burlingame?

Accepted Answer

California offers down payment assistance programs, but income limits often exclude Burlingame buyers. Conventional 3% down loans work better for most first-timers here.

Question 33

What's the difference between a home equity loan and HELOC?

Accepted Answer

Home equity loans give you a lump sum with fixed payments. HELOCs work like credit cards—borrow what you need when you need it with variable rates.

Question 34

How does a reverse mortgage work in Burlingame?

Accepted Answer

Homeowners 62+ can convert home equity into cash without monthly payments. Loan is repaid when you sell or pass away—useful for retirees with paid-off homes.

Question 35

What loan types work best for Burlingame condos?

Accepted Answer

Conventional and jumbo loans both work for condos. Make sure the HOA is FHA-approved if you want that option—some newer buildings haven't gone through the process.

Question 36

Can I get approved without W-2 income?

Accepted Answer

Yes. We have 1099 loans, bank statement programs, asset depletion, and DSCR products. Most Burlingame self-employed and investor buyers use non-traditional documentation.

Question 37

What's an equity appreciation loan?

Accepted Answer

These loans let you access future home appreciation now. Less common but useful for buyers stretching to afford Burlingame who expect significant appreciation over time.

Question 38

Do I qualify for a USDA loan in Burlingame?

Accepted Answer

No. USDA loans target rural areas, and Burlingame is urban. Even outer San Mateo County locations don't meet USDA eligibility requirements.

Question 39

How do I compete with cash buyers in Burlingame?

Accepted Answer

Get fully underwritten pre-approval showing reserves and strong credit. Some lenders offer cash-equivalent programs that let you make non-contingent offers backed by financing.

Question 40

What happens if I don't qualify for a jumbo loan?

Accepted Answer

Look at condos or smaller homes under conforming limits. Alternative documentation loans also work—bank statement or asset depletion programs have more flexible qualifying ratios.

Burlingame Mortgage FAQs: Get Your Questions Answered