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South San Francisco's office market is booming—Burlingame's 220 Park just hit 100% occupancy with tenants like Confluent and Upstart. That job growth matters for mortgage qualification.
The county's median household income of $156,000 stretches to cover homes in this price range comfortably. Most buyers here put 20% down to skip PMI entirely.
5.875%
Interest Rate
$4,437
Monthly P&I
740
Min FICO
$750,000
Loan Amount
20% ($187.5K)
Down Payment
21-30 days
Close Timeline
Conventional Loans in South San Francisco
Conventional loans in South San Francisco require a 740 FICO minimum and typically a 20% down payment to avoid PMI. At 80% LTV (which is 20% down), there's no mortgage insurance and no rate penalty.
San Mateo County's median household income of $156,000 buys a $937,500 home here with room to spare. Lenders want your total debt-to-income ratio under 43%.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in South San Francisco.
South San Francisco's office market is booming—Burlingame's 220 Park just hit 100% occupancy with tenants like Confluent and Upstart. That job growth matters for mortgage qualification.
The county's median household income of $156,000 stretches to cover homes in this price range comfortably. Most buyers here put 20% down to skip PMI entirely.
Conventional loans in South San Francisco require a 740 FICO minimum and typically a 20% down payment to avoid PMI. At 80% LTV (which is 20% down), there's no mortgage insurance and no rate penalty.
California's conventional market is split between retail banks, credit unions, and mortgage brokers. Retail lenders (Bank of America, Wells Fargo, Chase) move slowly but offer branch support.
Fannie Mae and Freddie Mac set the rules for all conventional loans. No lender can deviate. That means your 740 FICO, 20% down, and 43% DTI qualify everywhere. The difference is speed and service.
Conventional makes sense in South San Francisco if you have 20% down and a 740+ FICO. The math is simple: no PMI, no rate penalty, clean agency backing. At $937,500, you're well below the $1.249M conforming limit.
Conventional doesn't pencil if you're putting down less than 10%. PMI on a $750K loan with 10% down runs roughly $200-$250 monthly—that's $2,400-$3,000 a year. You'd need to refinance to 80% LTV to cancel it, which costs $3,000-$5,000 in fees.
FHA loans start with a lower rate than conventional but carry mortgage insurance for life if you put down less than 10%. At 10% down, FHA insurance cancels after 11 years. Conventional at 20% down has zero insurance from day one.
If you have 20% down and solid credit, conventional wins. If you're at 5-10% down or your FICO is under 700, FHA's lower rate might offset the lifetime insurance.
Burlingame's 220 Park office tower just hit 100% occupancy with Confluent, Upstart, and SkyKnight Capital as tenants. That's not just a headline—it signals job stability in the Peninsula.
Downtown San Mateo is adding restaurants like the new Reposado fine-dining spot on Baldwin Avenue. That kind of amenity investment matters for resale appeal. Buyers who plan to stay 7-10 years benefit from neighborhood upgrades.
At 5.875% on a $750,000 loan, principal and interest run $4,437 monthly. Add property taxes, insurance, and HOA fees—roughly $1,200-$1,500 more depending on the exact property. The full payment is typically $5,600-$6,000 monthly.
Yes. 20% down is 80% LTV, which eliminates PMI entirely. You can put down 5-15% and carry PMI, but it adds $150-$300 monthly and never cancels unless you refinance. At 20% down, there's no insurance and no rate penalty—that's the cleanest path.
740 FICO minimum for the best rates and terms. Some lenders go down to 680-700 with compensating factors (large reserves, lower debt-to-income), but you'll pay a higher rate.
Typically 21-30 days from application to funding. Brokers often close faster than retail banks because they don't manage retail deposits. South San Francisco's market is competitive, so lenders prioritize speed.
Yes, but only by refinancing. PMI cancels automatically at 78% LTV under the Homeowners Protection Act, but that requires your home to appreciate or you to pay down the loan. Refinancing costs $3,000-$5,000 in fees and takes 3-4 weeks.