Why does my penis burn where the foreskin folds? I am a virgin. Its been like this for 2 weeks. There's no bumbs its just red.

Yeast infection. Your problem could be related to candida albicans. Yeast infections with candida can present with redness and irritation where pieces of skin fold on top of each other. I would seek medical attention for this very treatable problem.
Balanitis. Could be due to a tight foreskin, vigorous masturbation or smega.