John Watson for Santa Cruz Real Estate - (831)428-3296: 3% down home loan Santa Cruz County CA

3% down home loan Santa Cruz County CA

Heres a loan program I was informed of recently for those of you looking to buy a home in Santa Cruz County or the Monterey Bay, CA.  The loan is offered through Bay Federal Credit Union.  With as little as 3% down you can obtain a loan that is not FHA in Santa Cruz CASanta Cruz County Real Estate.  The loan does require mortgage insurance for the first two years of the loan.  Debt to income ratios of up to 45% are allowed.  With FHA’s stringent property requirements this may be just the answer for 1st time homebuyers with little down payment.

1 unit    97%LTV up to $417,000 with credit score of 700 or greater
1 unit    95%LTV up to $417,000 with credit score of 660 or greater
2 units  95%LTV up to $533,850 with credit score of 680 or greater
1 unit    90%LTV up to $625,500 with credit score of 700 or greater

MGIC will approve single family residencies, Condominiums up to 95%LTV, and Cooperative real properties 90%LTV.  Manufactured Homes are not eligible.

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Comment balloon 2 commentsJohn Watson • June 30 2011 02:42PM


Tye & John - Those new loan programs can help many people to buy homes. Thanks for the quality information.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) over 7 years ago

Thanks for the comment John.  There are still loans out there and it is up to us as Realtors to share as much information as possible.  The media certainly isn't helping.

Posted by John Watson, Santa Cruz Real Estate (831)428-3296 (Century 21 LAD Realty) over 7 years ago