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Millbrae sits at the crossroads of San Mateo County's job boom and residential stability. The 220 Park office tower in nearby Burlingame just hit 100% occupancy with tenants like Confluent and Upstart, signaling strong regional employment.
Community Mortgages are designed for borrowers who don't fit the cookie-cutter mold. Self-employed professionals, recent immigrants with limited credit history, and buyers with non-traditional income all find a path here.
620+
Minimum FICO
5% conventional, 3.5% FHA
Minimum Down Payment
45–60 days
Typical Close Timeline
$1,249,125
2026 Conforming Limit
$156,000
County Median Income
Community Mortgages in Millbrae
Community Mortgages typically require a 620+ FICO score, though some lenders go lower with compensating factors. Down payments start at 5% for conventional loans and 3.5% for FHA.
San Mateo County's $156,000 median household income supports purchases well into the conforming range. At that income level, a buyer can comfortably carry a $1,249,125 conforming loan with standard debt ratios.
Local decision guide
Use this guide to connect community mortgages eligibility, lender expectations, and local market factors before comparing payment options in Millbrae.
Millbrae sits at the crossroads of San Mateo County's job boom and residential stability. The 220 Park office tower in nearby Burlingame just hit 100% occupancy with tenants like Confluent and Upstart, signaling strong regional employment.
Community Mortgages are designed for borrowers who don't fit the cookie-cutter mold. Self-employed professionals, recent immigrants with limited credit history, and buyers with non-traditional income all find a path here.
Community Mortgages typically require a 620+ FICO score, though some lenders go lower with compensating factors. Down payments start at 5% for conventional loans and 3.5% for FHA.
Community Mortgages are offered by both broker networks and retail lenders in California. Brokers typically have access to 20+ wholesale lenders, each with slightly different overlays on credit, income, and property type.
The underwriting process is more flexible than conventional but slower than jumbo. Expect 45 to 60 days from application to close. Lenders will request detailed income documentation — tax returns, bank statements, profit-and-loss statements — to verify...
Community Mortgages make sense in Millbrae when a buyer has solid income but a credit score below 640 or non-W-2 earnings. A self-employed contractor with $200,000 in annual income and a 610 FICO score will get rejected by conventional lenders but approved...
They don't make sense when a buyer qualifies for conventional. If you have a 700+ FICO and 20% down, conventional is cheaper and faster.
Community Mortgages versus FHA: both accept lower credit scores and smaller down payments. FHA has a lower rate but charges lifetime mortgage insurance if you put down less than 10%.
Versus conventional: conventional is cheaper and faster if you qualify. Community Mortgages exist for borrowers who don't. The choice isn't really between the two — it's whether you can wait 12 months to rebuild credit or need to buy now.
Downtown San Mateo is seeing restaurant investment that signals neighborhood confidence. Reposado, a fine-dining Mexican restaurant, opened at 311 Baldwin Avenue in February 2026.
Regional transit is on the ballot. San Mateo City Council is considering a half-cent sales tax measure to fund Caltrain, BART, and local transit.
Most lenders require 620+ FICO. Some go as low as 580 with compensating factors like higher down payment or reserves. Call to discuss your specific score and income.
Yes. Community Mortgages are built for self-employed borrowers. You'll need two years of tax returns, profit-and-loss statements, and bank statements to verify income. Commission and rental income work too.
Conventional Community Mortgages start at 5% down. FHA Community Mortgages go as low as 3.5% down with 580+ FICO. Higher down payments improve approval odds and lower your rate.
Not necessarily. At 5% down on a conventional Community Mortgage, many lenders skip PMI entirely. FHA Community Mortgages require mortgage insurance, but it cancels after 11 years if you put 10%+ down.
Expect 45 to 60 days from application to close. The underwriting is more thorough because we're verifying non-traditional income. Retail lenders sometimes close faster than brokers.