Willow Glen, CA Mortgage

Willow Glen, CA Mortgage

     Willow Glen, CA is a neighborhood in San Jose known for it's tree lined streets, beautiful architecture, and great variety in shopping & dining in the downtown area.  When buying a home inWillow Glen , buyers have many options for mortgage financing, so it's important to work with an experienced mortgage lender to make the right choice on a loan product.  Conventional loans, Jumbo loans, FHA, VA, portfolio, investor, and rehab loans are all available mortgage options for Willow Glen buyers & residents.  The only program not available in the area is USDA financing, due to the fact that Willow Glen is so close to the major city centers of San Jose & San Francisco.

     The year 2015 saw a total of 786 residential sales in Willow Glen, ranging in price from $335,000 for a 1 bed, 1 bath condo up to $3.425 million for a 6 bed, 7 bath new construction home.  Prices vary greatly depending on home size and property type, with the market offering something for every budget if a buyer is flexible on property type (single family VS townhome).

For more detailed sales data, click on the house!

     Willow Glen buyers can obtain a mortgage with just 3.5% down thanks to the FHA loan program.  All of the down payment can come in the form of a gift to buyers.  Also allowing up to 6% sellers assistance, the FHA loan program makes it possible to buy a Willow Glen home with little money out of pocket.  Since Willow Glen is in Santa Clara county (an area considered by HUD to be 'high cost'), FHA allows base loan amounts up to $625,500 for single family homes.

     FHA loans offer many benefits to Willow Glen home buyers.  Rates are low, and are more forgiving of lower credit scores or previous credit issues than conventional loans.  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.

Willow Glen, CA Conventional Loans

     Conventional loans are another good lending option in Willow Glen, 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 Willow Glen is $625,500.

     Conventional loans in Willow Glen 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.  LPMI is another great options for buyers with less than 20% down and good credit.

Other Loan Programs

Willow Glen, CA VA loans

     Willow Glen home buyers that are eligible veterans can buy a home with 0% down up to 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.

Willow Glen, CA Jumbo loans

     Loans exceeding the maximum loan amounts that other programs are capped at are available in Willow Glen up to $10,000,000 with a substantial down payment.  For certain jumbo programs, up to 90% of a home purchase can be financed with NO PMI.  Jumbo loans offer tremendous rates similar to conventional loans for buyers with good credit,  and allow home buyers to finance a much larger amount of money.

Willow Glen, CA Portfolio "Niche" products

     Willow Glen buyers have access to many "outside the box" mortgage programs, commonly known as "niche products" or "portfolio loans".    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 in Willow Glen and the surrounding areas of Santa Clara county. 

Cash buyers in Willow Glen can take advantage of a delayed financing program to recoup some of their investment.

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

     Willow Glen, CA offers a tremendous opportunity for home owners to enjoy a high quality of life in the heart of Silicon Valley.  If you're considering buying a home in Willow Glen or the surrounding areas, or want more area-specific information, I'd highly recommend speaking with David Verbera of Realty World.  David is a local market expert, a top notch negotiator, and most important of all, puts his clients wants & needs first and foremost in every sale.

  If you have any questions about a Willow Glen, 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.