Question 1

What's the conforming loan limit in San Bruno for 2026?

Accepted Answer

San Mateo County sits above baseline conforming limits — check current FHFA numbers for exact caps. Anything higher moves to jumbo territory with stricter requirements.

Question 2

How much do I need for a down payment in San Bruno?

Accepted Answer

FHA allows 3.5% down, conventional goes as low as 3% for first-time buyers. Jumbo loans typically want 10-20% depending on loan size and credit profile.

Question 3

What credit score do I need to buy here?

Accepted Answer

FHA approves at 580, conventional prefers 620+, jumbo lenders want 680-700+. Higher scores unlock better rates and lower down payment options.

Question 4

How long does mortgage approval take in San Bruno?

Accepted Answer

Standard purchase loans close in 21-30 days with clean documentation. Complex files — bank statement, DSCR, foreign national — can stretch to 35-45 days.

Question 5

Do I need a jumbo loan to buy in San Bruno?

Accepted Answer

Depends on your purchase price and the current conforming limit. Many San Bruno homes exceed conforming caps, pushing buyers into jumbo territory.

Question 6

What's the difference between FHA and conventional loans?

Accepted Answer

FHA allows lower credit and smaller down payments but requires mortgage insurance for life on 3.5% down deals. Conventional drops PMI at 20% equity and costs less long-term for strong borrowers.

Question 7

Can I use a VA loan in San Bruno?

Accepted Answer

Yes, VA loans work here with zero down for eligible veterans and service members. San Mateo County has higher VA limits than baseline counties.

Question 8

What documents do I need to apply?

Accepted Answer

W-2 buyers need two years of tax returns, recent paystubs, and bank statements. Self-employed borrowers add business returns and sometimes profit-loss statements.

Question 9

How do I compete with cash buyers in San Bruno?

Accepted Answer

Get fully underwritten pre-approval, not just pre-qualified. Sellers trust financing that's already passed underwriting review.

Question 10

What are closing costs in San Mateo County?

Accepted Answer

Expect 2-3% of the purchase price — lender fees, title, escrow, taxes, insurance. Higher loan amounts push total costs up in dollar terms.

Question 11

Should I pay points to lower my rate?

Accepted Answer

Only if you're staying in the home long enough to recoup the upfront cost. We run break-even math for every buyer considering points.

Question 12

Can self-employed buyers get mortgages in San Bruno?

Accepted Answer

Yes, through bank statement loans, 1099 programs, or profit-loss statement products. We match your income documentation to the right program.

Question 13

What's a DSCR loan and who needs one?

Accepted Answer

Debt Service Coverage Ratio loans approve based on rental income, not personal income. San Bruno investors use them to finance properties without tax return verification.

Question 14

Do I need mortgage insurance with 10% down?

Accepted Answer

Yes on conventional loans — PMI drops when you hit 20% equity. FHA charges both upfront and monthly mortgage insurance regardless of down payment size.

Question 15

Can I buy a fixer-upper with a mortgage?

Accepted Answer

FHA 203k and construction loans finance purchase plus renovation costs. Most conventional loans won't fund homes needing major repairs.

Question 16

What's the minimum down payment for a jumbo loan?

Accepted Answer

Most jumbo lenders want 10% minimum, some require 15-20% depending on loan size and credit. Higher down payments unlock better pricing.

Question 17

How does property tax affect my buying power?

Accepted Answer

San Mateo County rates average around 1.2% of assessed value, which lenders include in debt-to-income calculations. Higher taxes reduce your maximum loan approval.

Question 18

Can I use gift funds for my down payment?

Accepted Answer

Yes, most programs allow gifted down payments from family. Lenders require a gift letter stating the funds don't need repayment.

Question 19

What's an ARM and when does it make sense?

Accepted Answer

Adjustable rate mortgages start with lower rates that adjust after 5, 7, or 10 years. They work for buyers planning to sell or refinance before adjustment.

Question 20

Do I qualify if I have student loans?

Accepted Answer

Yes, lenders include student loan payments in debt-to-income ratios. IBR plans can lower your calculated payment if documented properly.

Question 21

What's a portfolio loan?

Accepted Answer

Loans held by the lender instead of sold to Fannie or Freddie. Portfolio lenders bend guidelines for complex borrower situations.

Question 22

Can I buy investment property in San Bruno?

Accepted Answer

Yes, through DSCR loans, conventional investor products, or portfolio programs. Expect 15-25% down and slightly higher rates than owner-occupied financing.

Question 23

What's a bridge loan used for?

Accepted Answer

Short-term financing that covers down payment before your current home sells. San Bruno buyers use them to make non-contingent offers.

Question 24

How much income do I need to qualify?

Accepted Answer

Lenders cap total debt at 43-50% of gross monthly income depending on loan type. We run exact numbers once we know your target price and debts.

Question 25

Can I get a mortgage without a Social Security number?

Accepted Answer

Yes, ITIN loans approve borrowers using Individual Taxpayer Identification Numbers. Foreign national programs work for non-US citizens buying investment property.

Question 26

What happens if I'm slightly over the conforming limit?

Accepted Answer

You move to jumbo financing with stricter credit, income, and reserve requirements. Sometimes a larger down payment keeps you under the limit.

Question 27

Do condos have different financing rules?

Accepted Answer

Yes, lenders review HOA financials and occupancy ratios. Non-warrantable condos require portfolio or jumbo products with higher down payments.

Question 28

How do interest-only loans work?

Accepted Answer

You pay only interest for 5-10 years, then payments jump when principal amortization starts. High-income buyers use them for cash flow flexibility.

Question 29

What's asset depletion and who uses it?

Accepted Answer

Lenders divide your liquid assets by 360 months to calculate qualifying income. Retirees and investors with low reported income use this program.

Question 30

Can I refinance to remove PMI?

Accepted Answer

Yes, once you reach 20% equity through payments or appreciation. Some loans require waiting two years before PMI removal refinancing.

Question 31

What's a rate lock and when should I do it?

Accepted Answer

Locks guarantee your rate for 30-60 days during closing. Lock when you're in contract and confident about closing timeline.

Question 32

How do I choose between loan programs?

Accepted Answer

We compare monthly payments, total costs, and approval likelihood across every program you qualify for. The cheapest rate isn't always the best fit.

Question 33

What's the best loan for a first-time buyer in San Bruno?

Accepted Answer

Depends on credit and down payment size. FHA works for 580-660 credit, conventional beats it above 700 with lower long-term costs.

Question 34

Do rates vary by loan amount in San Mateo County?

Accepted Answer

Yes, jumbo loans typically price slightly higher than conforming. Rates vary by borrower profile and market conditions — we shop lenders daily for best execution.

San Bruno Mortgage FAQs: Your Questions Answered by Local Brokers