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Millbrae's market is anchored by nearby job growth—Burlingame's 220 Park office tower just hit 100% occupancy with tenants like Confluent and Upstart. That employment strength supports home values here.
The Peninsula's median household income of $156,000 stretches to cover homes in the $750K range comfortably. FHA's lower credit floor and smaller down payment make that math work for buyers who don't have 20% saved yet.
5.375%
Interest Rate
$4,200
Monthly P&I
580
FICO Floor
3.5%
Down Payment Min
$750,000
Loan Amount
FHA Loans in Millbrae
FHA requires 580 FICO minimum, though most lenders run 620+ in practice. Down payment starts at 3.5% and goes up from there. At 96.5% LTV (3.5% down on a $777K home), you'll carry mortgage insurance for the life of the loan—that's the FHA trade-off.
San Mateo County's median household income of $156,000 buys a $750K home here with room to spare. Your debt-to-income ratio needs to sit below 50% total—that includes the new mortgage, credit cards, car loans, everything.
Local decision guide
Use this guide to connect fha loans eligibility, lender expectations, and local market factors before comparing payment options in Millbrae.
Millbrae's market is anchored by nearby job growth—Burlingame's 220 Park office tower just hit 100% occupancy with tenants like Confluent and Upstart. That employment strength supports home values here.
The Peninsula's median household income of $156,000 stretches to cover homes in the $750K range comfortably. FHA's lower credit floor and smaller down payment make that math work for buyers who don't have 20% saved yet.
FHA requires 580 FICO minimum, though most lenders run 620+ in practice. Down payment starts at 3.5% and goes up from there. At 96.5% LTV (3.5% down on a $777K home), you'll carry mortgage insurance for the life of the loan—that's the FHA trade-off.
FHA loans in California move through both retail banks and mortgage brokers. Brokers typically close faster—30 to 45 days—because they shop multiple lenders instead of routing everything through one bank's underwriting queue.
Underwriting for FHA is tighter than it was five years ago. Lenders now verify employment, assets, and credit more carefully. Expect to provide two months of bank statements, two years of tax returns, and a letter explaining any late payments.
FHA makes sense in Millbrae when you're buying near the $750K mark and don't have 20% down saved. At 96.5% LTV, the lifetime mortgage insurance costs real money—roughly $250 per month on a $750K loan.
The rate advantage flips at higher credit scores. A 740 FICO borrower with 10% down often pencils better on conventional than FHA because the rate is lower and PMI cancels after 11 years. Run both numbers before deciding.
Conventional loans at this price point require 10% down minimum and carry PMI until you hit 80% LTV. FHA starts at 3.5% down but the mortgage insurance never cancels if you stay below 90% LTV.
If you're buying with 5% down, FHA's rate runs lower but the lifetime insurance sticks around. Conventional's PMI cancels at 78% LTV automatically. Call for both quotes—the math shifts based on your specific FICO and timeline.
Downtown San Mateo's dining scene just expanded with Reposado's second location at 311 Baldwin Avenue in February 2026. That kind of neighborhood investment signals confidence in the area's future.
A regional transit tax measure is under discussion in San Mateo County. If it passes, Caltrain and BART funding improves, which strengthens commute options from Millbrae to job centers on the Peninsula and in the South Bay.
At 5.375% on a $750K loan, principal and interest run $4,200 per month. Add property tax, insurance, and mortgage insurance—roughly $5,200–$5,500 total. That's the 30-year fixed scenario as of April 8, 2026.
No. FHA mortgage insurance (MIP) cancels only if you put 10% or more down and wait 11 years. Below 10% down, MIP stays for the life of the loan. That's the FHA structure—it's not optional.
FHA's floor is 580, so technically yes. But most lenders require 620+ in practice. A 600 FICO will narrow your options and may cost you a higher rate. Ask your lender what their actual floor is.
FHA minimum is 3.5% down. On a $777K home, that's about $27,200. You can put more down if you want—10% or 15%—which lowers your mortgage insurance cost over time.
It depends on your down payment and credit score. FHA's rate runs lower, but lifetime mortgage insurance adds cost. With 5% down, FHA usually wins. With 10%+ down and a 740+ FICO, conventional often pencils better.