95% LTV in Bay Area Now Available on Conventional Loans
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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
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