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 CA. 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.