Almaden Valley, CA Home Loans

Mortgage and Lending with Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, NMLS #138061 MMCD #1141

Almaden Valley, CA Home Loans



     Almaden Valley (Almaden) is an area in Southeast San Jose in Almaden Valley Home LoansSanta Clara county.  When looking to buy a home in Almaden, buyers have many loan options available to them.  Almaden Valley is not eligible for USDA financing since it lies in an urban/suburban area, however the area is eligible for all other types of residential financing, including Conventional, FHA, VA, Jumbo, and Portfolio loan products.


     In the calendar year 2015, 414 homes sold in the Almaden area of San Jose.  Prices ranged from $482,000 up to just north of $4 million.  Prices vary greatly by property type & size, but the area supplies homes for a wide range of budgets.  For detailed sales data, click the house to the right.  2015 was a great year for sellers in Almaden, as the market heavily favored them with competitive offerings and short inventory.




Almaden Valley FHA Loans


     Santa Clara county boasts the highest available loan limits in the contigious US through HUD's FHA loan program, so those looking to buy a home in Almaden using FHA financing can borrow up to $625,500 for the purchase of a single family home (multi-units have even higher loan limits).  The benefits of an FHA loan are that buyers in the Almaden area only need a 3.5% down payment, and with the ability to get up to 6% sellers assistance, large asset statements aren't necessarily required to purchase a home here.


     The FHA loan program is somewhat lenient on credit history and offers extremely low rates to those with less than perfect credit.  FHA loans are also assumable, which is a tremendous benefit to home owners should they decide to sell in a higher interest rate environment.


     The one downside to the FHA program is the PMI.  PMI is expensive on FHA loans, and for buyers with less than 10% down, the PMI is attached to the mortgage loan for it's entirety (guidelines for 30 year fixed and ARM FHA loans ).


Almaden Conventional Loans


     Conventional Loans are another great option for buyers in Almaden Valley, CA.  Since Santa Clara county is considered by Fannie mae to be a high cost area, they have a maximum loan limit higher than many other areas of the country.  Conventional loans can be obtained in Almaden up to $625,500.


     Conventional loans require a minimum 3% down payment, and with less than 20% down, buyers will be subject to PMI.  For those with good credit, LPMI is an option to keep monthly payments low.  Conventional loans offer very low rates, and are tiered based on credit and down payment amount (for example, a buyer with perfect credit and a large down payment would see a better rate than a buyer with average credit and a small down payment).  Conventional loans also allow for sellers assistance.  With less than 10% down, a seller can contribute 3% of a purchase price toward a buyers closing costs.  With more than 10% down, that limit is raised to 6%.


Note for Cash Buyers:  Those looking to buy a home with cash can also take advantage of a conventional loan's 'delayed financing' feature.


Other Mortgage programs for Almaden Valley buyers


VA loans are available for eligible veterans looking to buy in Almaden and other areas of Santa Clara county.  The county loan limit for VA loans is $625,500.  Since VA loans finance up to 100% of a home purchase and also allow for sellers assistance an eligible veteran can buy a home in Almaden with little or no money out of pocket.


Jumbo loans are loans that exceed the caps established by Fannie Mae, Freddie Mac, FHA, USDA, and VA programs.  In Almaden Valley, jumbo loans are available up to $10 million and program LTVs and guidelines vary by our lenders.  One of our most popular jumbo products is a 10% down jumbo loan up to $750,000 with NO PMI.  Jumbo loans will sometimes have a slightly higher rate than other financing avenues, but they allow buyers to finance a much larger sum of money.


Portfolio 'Niche' Products are products tailored to a specific type of borrower.  Many niche products favor high net worth buyers, investors, or foreign buyers.  Some of our most commonly used niches are stated income products, asset depletion loans, foreign national loans, and buyers with more than 10 financed properties.


If you have questions on a loan product or program, you can get an immediate answer by asking here.


     Almaden Valley, CA offers a great opportunity for those living & working in Silicon Valley to enjoy a recreational area with great homes and close proximity to downtown San Jose.  If you're considering buying or selling homes in Almeden Valley or the surrounding areas, I'd highly recommend speaking with David Verbera of Realty World.  David knows his marketplace, has excellent negotiating skills, and provides a much higher level of service than is common in today's Real Estate industry.


     If you have questions on a mortgage in Almaden, CA or the surrounding areas, give me a call at 484.680.4852 or ask an expert here.  I specialize in residential purchases AND refinances for everyone from the first time home buyer to the seasoned investor.



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David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

No doubt your area requires some larger loans and thats all good on the loan side as they take the same amount of work as the small ones, sometimes less, and they add up much quicker!

May 08, 2014 10:14 AM #1
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

John, Another outstanding blog on CA home loans.  Thanks for the shout out! 

May 08, 2014 10:51 AM #2
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

John as always great blog post about home loans in California, Endre

May 09, 2014 01:21 PM #3
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning John. You sure do have a good handle on lending in your market, the right reason for clients to contact you to handle their next mortgage.

Make it a great weekend!

May 09, 2014 10:20 PM #4
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Anyone looking for a mortgage in CA should call you for help.

May 12, 2014 08:39 PM #5
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

Almaden buyers should check out John Meussner for all their home mortgage needs.  I know that you would be a great resource, John!

May 15, 2014 07:14 AM #6
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Thanks all!  Appreciate the kind words.

May 15, 2014 09:20 AM #7
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Hi john,

Thank you for posting. It's always interesting to see what is going on in other markets.

May 15, 2014 12:04 PM #8
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John Meussner

#MortgageMadeEasy Walnut Creek, CA 484-680-4852
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