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USDA Loans in Millbrae
Millbrae sits just south of San Francisco International Airport in San Mateo County. The city's suburban character and proximity to both San Francisco and Silicon Valley make it an attractive location for homebuyers.
USDA loans target rural and suburban areas, but most of Millbrae does not qualify as eligible territory. The USDA Rural Development program designates eligible areas based on population density and proximity to metropolitan centers.
San Mateo County's developed nature means few properties meet USDA geographic requirements. Homebuyers interested in zero down payment options should explore FHA and VA alternatives that work throughout Millbrae.
USDA loans require the property to be in an eligible rural area as defined by the USDA. Additionally, household income cannot exceed 115% of the area median income for your family size.
Borrowers need a credit score of at least 640 for streamlined processing. You must demonstrate stable income and ability to repay the loan. The home must serve as your primary residence.
No down payment is required on USDA loans. However, buyers pay an upfront guarantee fee and annual mortgage insurance. These fees help sustain the program for future borrowers.
Few lenders actively market USDA loans in San Mateo County due to limited eligible properties. Specialized mortgage brokers maintain relationships with USDA-approved lenders across California.
The application process takes longer than conventional loans. USDA must verify property eligibility and review income documentation. Plan for 45-60 days from application to closing.
Working with a broker familiar with USDA requirements saves time and frustration. They can quickly determine if your target property qualifies and connect you with experienced USDA lenders.
Before falling in love with a Millbrae property, verify USDA eligibility using the official USDA property eligibility map. This simple step prevents disappointment and wasted time.
Most Millbrae homebuyers benefit more from FHA loans with 3.5% down or conventional loans with 3% down. These programs offer faster approval and work anywhere in the city.
If you qualify for VA benefits, that program offers zero down payment without income limits or geographic restrictions. VA loans often provide better terms than USDA for eligible veterans and service members.
USDA loans shine in truly rural California communities but face limitations in developed suburban areas like Millbrae. FHA loans require just 3.5% down and work on any qualifying property in the city.
Conventional loans with 3% down programs serve first-time buyers without geographic restrictions. Community mortgage programs may offer down payment assistance for qualifying Millbrae buyers.
VA loans provide zero down payment for veterans and active military without income caps. These benefits apply throughout San Mateo County regardless of property location or neighborhood.
Millbrae's position as a developed Peninsula community means USDA eligibility is unlikely. The city's proximity to San Francisco International Airport and BART access make it too urban for USDA designation.
San Mateo County home prices typically require larger loan amounts. USDA loan limits may not accommodate many properties even if geographic eligibility existed. Rates vary by borrower profile and market conditions.
Focus your search on loan programs designed for suburban markets. Local banks and credit unions often provide competitive rates on conventional and FHA products suitable for Millbrae purchases.
Most of Millbrae does not qualify for USDA loans due to its suburban nature and proximity to San Francisco. Check the USDA property eligibility map for specific addresses before proceeding.
FHA loans require just 3.5% down and work throughout Millbrae. Conventional loans offer 3% down options for qualified first-time buyers. VA loans provide zero down for eligible veterans.
USDA loans limit household income to 115% of area median income. However, property location eligibility poses a bigger barrier in developed San Mateo County communities like Millbrae.
USDA loans typically take 45-60 days to close due to additional property and income verification requirements. FHA and conventional loans often close faster, usually within 30-45 days.
VA loans offer zero down payment for eligible veterans without geographic restrictions or income limits. Some community programs also provide down payment assistance for qualifying buyers in San Mateo County.
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.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
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-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.