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.
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