Cambrian Park, CA Home Loans
Cambrian Park, CA is a neighborhood in Santa Clara county, partially lying within San Jose, and partially unincorporated and maintained by the county. When buying a home in Cambrian Park, buyers have many options when it comes to mortgage products. Conventional, FHA, Jumbo, VA, and Portfolio niche loans are all available in Cambrian Park and the greater San Jose area. Due to the fact that Cambrian Park is so close to major cities, the area is ineligible for USDA financing.
In 2015, home sale prices ranged from $285,000 to $1.87 million. Prices varied widely based on property type and size, as expected. For detailed sales data, click the house on the right.
Cambrian Park FHA Loans
FHA loans in Cambrian Park require a 3.5% down payment, which can come in the form of a gift. Also allowing up to 6% sellers assistance, the FHA loan program makes it possible to buy a Cambrian Park home with little money out of pocket. Since Cambrian Park is in Santa Clara county, FHA allows base loan amounts up to $625,500 for single family homes.
FHA loans offer many benefits to Cambrian Park home buyers. Rates are low, and are more forgiving of lower credit scores or previous credit issues than conventional loans typically are. They are also assumable, which is a nice feature for home owners if rates rise in the future.
The one down side of an FHA loan is the PMI associated with these loans. With less than a 10% down payment, the PMI is expensive and paid for the life of the loan. Many buyers who use FHA loans will later refinance to remove the PMI for this reason.
Cambrian Park Conventional Loans
Conventional loans are another good lending option in Cambrian Park, CA. Conventional loans require a 3% down payment, offer low rates, and typically have lower cost PMI than FHA loans. For those with 20% or more down payment, there is no mortgage insurance on a conventional loan. The maximum loan amount for conventional loans in Cambrian Park, CA is $625,500.
Conventional loans in Cambrian Park also allow for sellers assistance to help a buyer with closing costs. With less than 10% down, a seller can contribute up to 3% of the purchase price of a home toward the buyers cost. With more than 10% down, contributions are capped at 6%.
Conventional loans are more sensitive to credit scores, so those with lower credit scores may see higher rates than those with great credit. PMI on conventional loans is also tiered on a sliding scale based on FICO score & down payment percentage.
Other Loan Programs Available in Cambrian Park, CA
VA loans are available for Cambrian Park home buyers and allow for up to 100% financing with a maximum loan amount of $625,500. VA loans also allow for sellers assist, so it's possible for qualified veterans to obtain the dream of home ownership with little to no money out of pocket.
Jumbo loans are loans exceeding the maximum loan amounts that other programs are capped at. In Cambrian Park, CA, jumbo loans are available up to $10,000,000 with a substantial down payment. For certain jumbo programs, up to 95% of a home purchase can be financed with NO PMI. Typically, jumbo loans have slightly higher rates than conventional loans, but allow home buyers to finance a much larger amount of money.
Portfolio "Niche" products are those products that fit unique borrowers. Asset depletion programs, loans for foreign nationals, or for unique properties all fall into "portfolio lending". These niche products ensure that buyers with all types of backgrounds & financial situations can obtain a loan.
If you have questions on a loan product or program, you can get an immediate answer here.
Cambrian Park, CA offers a tremendous opportunity for home owners to enjoy a suburban lifestyle with easy access to all of Silicon Valley. If you're considering buying a home in Cambrian Park or the surrounding areas, or want more area specific information, I'd highly recommend speaking with David Verbera of Realty World. David has extensive market knowledge of Santa Clara county, and a "superior level of customer service" is an understatement - David ensures his clients are happy, stress-free, and that their home purchase or sale is a seamless process.
If you have any questions about a Cambrian Park, CA mortgage, don't hesitate to give me a call at 484.680.4852 or ask an expert here. I specialize in residential home purchases AND refinances.