Campbell CA Mortgage
Campbell CA is a suburban community in Santa Clara County, neighboring San Jose & Saratoga. When purchasing a home in Campbell , buyers have many options when looking for a mortgage loan. Conventional, FHA, Jumbo, VA, and private portfolio loans are all available in Campbell and the other communities in the greater San Jose area. One loan program that cannot be used in Campbell is the USDA program due to it's close proximity to the city centers of both San Jose & San Francisco.
In the calendar year 2015 there were 688 Single family homes sold in Campbell, along with another 171 condo/townhome sales. Price ranges varied greatly by property type and size, selling from $315,000 all the way up to $2.25 million. For detailed home sale data, click on the house to the right.
Campbell CA FHA Loans
FHA loans in Campbell require a 3.5% down payment, all of 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 Campbell, CA home with little money out of pocket. Since Campbell is in Santa Clara county, FHA allows base loan amounts up to $625,500 for single family homes.
FHA loans offer many benefits to Campbell 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 permanent. Many buyers who use FHA loans will later refinance to remove the PMI for this reason.
Campbell CA Conventional Loans
Conventional loans are another great option for buyers and residents of Campbell, CA. Loan limits for Santa Clara county conventional loans are set at $625,500 and these loans require a minimum 3% down payment. Conventional loans offer low rates and typically have lower PMI costs than FHA loans. For buyers with 20% or more down, there is no PMI at all. Buyers with good credit can also consider LPMI when deciding on the best down payment option.
Campbell, CA conventional loans also allow for sellers assistance. For those with less than 10% down, a seller can contribute up to 3% of the sales price toward a buyers closing costs. With 10% or more down, that number increases to a 6% allowance.
Conventional loans are more sensitive to credit history than FHA loans, so those with lower credit scores will often see a higher interest rate than those with perfect credit. The best conventional interest rates come from a large down payment and a FICO score of 740 or higher.
Note for Cash Buyers: Those looking to buy a home with cash can also take advantage of the 'delayed financing' feature available under conventional guidelines.
Campbell CA VA Loans
VA loans are available to eligible veterans in Campbell, CA. In Santa Clara county, the loan limit for VA loans is $625,500, and these loans do not require a down payment. Since VA loans also allow for sellers assistance an eligible veteran can buy a home in Campbell, CA with little to no money out of pocket.
Campbell CA Jumbo Loans
Jumbo loans are those loans that exceed maximum loan limits established by Fannie Mae, Freddie Mac, HUD or VA. In Campbell and the surrounding areas, jumbo loans are available up to $10 million. Loan LTV's and guidelines vary from lender to lender, but many guidelines are flexible and rely on common sense underwriting. One of our most popular jumbo loan programs is a 10% down loan up to $750,000 with NO PMI. Jumbo financing sometimes comes with rates very similar to those on conventional loans, and allow buyers to finance a much larger sum of money.
Campbell CA Portfolio/Niche Loan Programs
Portfolio 'Niche' products are tailored to meet a specific type of borrower's financing needs. Many niche products favor high net worth buyers, investors, and foreign borrowers. Some of our most commonly used portfolio products are stated income, asset depletion loans, bank statement programs, foreign national loans, and loans for buyers with more than 10 financed properties.
If you have questions on a particular loan product, you can get an immediate answer by clicking here.
Campbell, CA offers a tremendous opportunity for buyers in and around the Silicon Valley area. With great homes, quality schools, and easy access to city centers and recreational fun, quality of life is very high. If you're considering buying or selling a home in Campbell, CA, I would recommend speaking with David Verbera of Realty World. David is an expert in his marketplace, has tremendous negotiating skills, and provides an extremely high level of service to his clients, always putting their interests first.
If you have questions about Campbell, CA Mortgages, or would like more info on buying a home in Santa Clara county, 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.