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FHA Loans in San Bruno
San Bruno sits in one of California's most competitive housing markets. FHA loans help buyers enter this market with just 3.5% down and more flexible credit standards than conventional financing.
Government-backed FHA financing opens doors for first-time buyers and those rebuilding credit. These loans work well for San Bruno's mix of single-family homes, condos, and townhomes near SFO and major employers.
San Mateo County's strong job market attracts steady buyer demand. FHA loans provide an accessible path to homeownership without the 20% down payment barrier of traditional mortgages.
FHA loans accept credit scores as low as 580 for 3.5% down, or 500-579 with 10% down. Your debt-to-income ratio can reach 43% in most cases, sometimes higher with strong compensating factors.
You must occupy the home as your primary residence for at least one year. Two years of steady employment helps, though job gaps with good explanations may work. Gift funds from family can cover your entire down payment.
FHA insures loans up to $1,149,825 in San Mateo County's high-cost area designation. The property must meet basic safety and livability standards confirmed through an FHA appraisal.
Most major banks and credit unions offer FHA loans in San Bruno. Rates and fees vary significantly between lenders, making comparison shopping essential for saving thousands over your loan term.
Some lenders specialize in FHA financing and process files faster than traditional banks. Direct FHA lenders may offer more flexibility on credit issues compared to correspondent lenders who sell loans immediately.
Mortgage brokers access multiple FHA lenders simultaneously. This approach finds competitive rates while matching your specific situation to lenders with appropriate underwriting flexibility.
FHA mortgage insurance includes both upfront and monthly components. The upfront premium of 1.75% gets financed into your loan. Monthly premiums depend on your down payment and loan term, typically lasting 11 years or the full loan life.
San Bruno condo buyers need FHA-approved condo projects. Not all complexes qualify, so verify approval status before making offers. This prevents delays and protects your earnest money deposit.
Seller concessions up to 6% of the purchase price can cover closing costs. This feature helps buyers who can manage the down payment but need assistance with additional closing expenses.
Conventional loans require higher credit scores but eliminate mortgage insurance faster with 20% down. FHA accepts lower scores and smaller down payments, making it ideal for buyers prioritizing immediate homeownership.
VA loans beat FHA for eligible veterans with zero down payment and no mortgage insurance. USDA loans work for specific suburban areas but San Bruno falls outside eligible rural zones.
First-time buyers often start with FHA, then refinance to conventional later. This strategy builds equity and homeownership history while minimizing upfront cash requirements.
San Bruno's proximity to San Francisco International Airport provides strong employment but requires noise disclosure awareness. Some properties fall under airport flight paths, which affects appraisals and requires specific disclosures.
Transit access via BART and Caltrain adds property value. FHA appraisers consider location advantages like commute options when evaluating comparable sales and fair market value.
San Mateo County's high cost of living means maximizing your FHA loan amount often makes sense. Smaller down payments preserve cash for moving costs, reserves, and initial home improvements or furnishings.
You need at least 580 for 3.5% down or 500-579 for 10% down. Higher scores improve your interest rate. Rates vary by borrower profile and market conditions.
Yes, if the condo complex has FHA approval. Check the HUD approved condo list before making an offer to avoid delays and protect your deposit.
FHA loans go up to $1,149,825 in San Mateo County. Your specific amount depends on income, debts, credit, and property value. Qualification varies by individual circumstances.
Yes, FHA requires upfront insurance of 1.75% plus monthly premiums. Monthly insurance typically lasts 11 years with 10% down or the loan life with less down.
Yes, sellers can contribute up to 6% of the purchase price toward your closing costs. This helps buyers who can handle the down payment but need cost assistance.
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.
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-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.