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San Bruno sits between San Francisco and the Peninsula, where even modest homes stretch budgets. FHA loans let you buy with 3.5% down if your credit score hits 580.
The Fed has signaled multiple rate cuts later this year, but not immediately. That affects pricing on FHA loans, which move with broader mortgage rates.
FHA Loans in San Bruno
You need a 580 credit score for 3.5% down, or 500-579 for 10% down. Most FHA lenders want two years of steady employment and a debt-to-income ratio under 43%.
FHA allows higher DTI ratios than conventional loans. Sellers can cover up to 6% of closing costs, which helps when cash is tight.
Local decision guide
Use this guide to connect fha loans eligibility, lender expectations, and local market factors before comparing payment options in San Bruno.
San Bruno sits between San Francisco and the Peninsula, where even modest homes stretch budgets. FHA loans let you buy with 3.5% down if your credit score hits 580.
The Fed has signaled multiple rate cuts later this year, but not immediately. That affects pricing on FHA loans, which move with broader mortgage rates.
You need a 580 credit score for 3.5% down, or 500-579 for 10% down. Most FHA lenders want two years of steady employment and a debt-to-income ratio under 43%.
We shop FHA pricing across 200+ wholesale lenders. Not all lenders price FHA the same—rate differences of 0.25% happen daily between lenders on identical scenarios.
Some lenders overlay stricter rules than FHA requires. Others specialize in lower credit scores or recent credit events like bankruptcies.
FHA mortgage insurance costs more than people expect. You pay 1.75% upfront plus 0.55%-0.85% annually. On a $700,000 loan, that's over $400 monthly in insurance alone.
For San Bruno buyers stretching to afford the area, FHA opens doors. But if you can scrape together 5% down and have 680+ credit, conventional often costs less long-term.
VA loans beat FHA if you qualify—no down payment and no mortgage insurance. USDA loans work outside city limits but San Bruno doesn't qualify as rural.
Conventional loans cost less above 680 credit with 5%+ down. FHA shines when your credit sits between 580-679 or you're stuck at 3.5% down.
San Bruno condos near BART appeal to FHA buyers, but the building must be FHA-approved. Some HOAs refuse FHA approval, killing deals before they start.
San Mateo County appraisals run strict. FHA appraisers flag safety issues conventional appraisers ignore—peeling paint, broken railings, roof condition all matter.
You need 580 for 3.5% down or 500-579 for 10% down. Most lenders in our network approve 580+ borrowers without extra overlays.
You pay 1.75% upfront plus 0.55%-0.85% annually based on down payment and loan term. On a $700,000 loan, expect $400+ monthly in mortgage insurance.
Yes, but the condo building must appear on FHA's approved list. Check approval status before making an offer to avoid wasted time.
FHA allows financing two years after bankruptcy discharge or three years after foreclosure. Some lenders in our network approve sooner with strong compensating factors.
FHA wins with credit under 680 or down payment under 5%. Conventional costs less long-term with 680+ credit and 5%+ down due to lower mortgage insurance.