95% LTV in Bay Area Now Available on Conventional Loans

Borrowers in San Jose and rest of California may now get 95% Loan on Conventional Mortgages. The increased Loan to Value Ratio (LTV) is available on following programs:

  • Freddie’s Home Possible (Fixed Rate only)
  • FNMA MyCommunity (Fixed Rate, 5 yr ARM and 7 yr ARM)

The Loan must meet the following criteria:

  • Must be a First Time Home Buyer
  • Purchase Transaction only
  • 680 Minimum Score Requirement
  • 1 unit property only (SFR and PUDs. Condos maxed at 90% LTV)
  • 2 months PITI reserves required after loan closing
  • Full appraisal required
  • 3% Seller Concessions maximum allowed;Downpayment can come from gift
  • Must complete Homebuyer education course
  • Income limitation requirements