Question 1

What's the monthly payment on a $937,500 home in San Bruno with 20% down?

Accepted Answer

On a $750,000 loan at 5.875% with 20% down, principal and interest run $4,437 monthly. Add property taxes, insurance, and HOA fees — total housing cost typically runs $5,800-$6,200. That assumes a 740 FICO and 30-day lock as of April 8, 2026.

Question 2

Do I need 20% down to avoid PMI on a conventional loan?

Accepted Answer

Yes. At 20% down (80% LTV), there is no PMI and no rate penalty. Below 20% down, PMI applies until you hit 78% LTV through payments or 80% LTV on request. PMI typically runs 0.5-1.5% annually depending on your down payment and credit score.

Question 3

What credit score do I need to qualify for a conventional loan in San Bruno?

Accepted Answer

Most lenders start at 620 FICO, but 740+ gets you the best rates. At 620-679, expect a rate bump of 0.5-1%. San Mateo County lenders compete hard on conventional, so shop multiple quotes even with good credit.

Question 4

Can I put down less than 20% and still get a conventional loan?

Accepted Answer

Yes. Conventional loans accept 3% down, but you'll carry PMI until you reach 78% LTV. At a $937,500 purchase with 5% down ($46,875), you'd need PMI for roughly 12-15 years. Run the math: sometimes FHA's lower rate wins with small down payments.

Question 5

How long does it take to close a conventional loan in San Bruno?

Accepted Answer

Brokers and credit unions typically close in 21-30 days. Retail banks run 30-45 days. Appraisal, title, and underwriting are the bottlenecks. Lock your rate early and submit documents fast to hit the faster end of that range.

Conventional 30-Year Fixed Mortgages in San Bruno