Blossom Valley, CA Mortgage
Blossom Valley, CA is a neighborhood in San Jose neighbored by Cambrian & Almaden, known for a great community, many opportunities for recreational fun, and affordable living when compared with much of the Silicon Valley. Blossom Valley home 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. Blossom Valley is ineligible for USDA financing due to the close proximity to major city centers.
686 single family homes sold in Blossom Valley in 2015 with an average sales price of $765,000.
There were also 365 condos/townhomes sold throughout 2015 in Blossom Valley. For detailed sales data, click the house on the right.
Blossom Valley, CA FHA Loans
Blossom Valley buyers can obtain a mortgage loan with just 3.5% down by using an FHA loan. All of the down payment can come in the form of a gift to buyers. FHA also allows buyers to obtain 6% sellers assistance toward closing costs, making it possible to buy a Blossom Valley home with little money out of pocket. Since Blossom Valley 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.
There are many advantages to an FHA loan for Blossom Valley home buyers. Rates are low, and underwriting guidelines are flexible when it comes to credit scores, making it the perfect program for those with a few bumps on their credit history. 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.
Blossom Valley, CA Conventional Loans
Conventional loans are another good mortgage option in Blossom Valley, 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 Blossom Valley is $625,500.
In Blossom Valley, conventional loans 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
Blossom Valley, 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 in Blossom Valley with little to no money out of pocket.
Blossom Valley, CA Jumbo loans
Borrowers in Blossom Valley can obtain jumbo loan financing for more expensive properties. Usually a larger down payment is required, but loan amounts can go much higher, generally up to $10 million. For certain jumbo programs, up to 90% of a home purchase can be financed with NO PMI. Jumbo loans offer great rates similar to conventional loans for buyers with good credit, and allow home buyers to finance a much larger amount of money.
Blossom Valley, CA Portfolio "Niche" products
Blossom Valley buyers have access to many non-conforming 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 Blossom Valley and the surrounding areas of Santa Clara county.
Cash buyers in Blossom Valley should consider a delayed financing program.
If you have questions on a loan product or program, you can get an immediate answer here.
Blossom Valley, CA offers a tremendous opportunity for home owners to enjoy a high quality of life in the heart of Silicon Valley, without the exhorbitant costs seen in much of the area. If you're considering buying a home in Blossom Valley 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, provides a level of service to his clients that is unparalleled in real estate.
If you have any questions about a Blossom Valley, 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.