First Time Home Buyers: San Jose

vbrasil — Tue, 03 Mar 2009 17:51:29 +0000

Here are a list of the San Jose first time home buyer programs. Programs are targeted towards teachers, college professors, and ordinary first time home buyers. There are income restrictions, so not every buyer qualifies.

Teacher Homebuyer Program (THP) – Program for San José public school teachers is designed for credentialed and emergency credentialed full time teachers who teach grades K through 12 in San José.
SJSU Faculty & Staff Homebuyer Program (FSHP) – Program for full-time permanent San José State University (SJSU) employees.
First Time Homebuyer (aka Equity-Share) Program – Downpayment assistance program with varying loan amounts in specific developments for low- and moderate-income first-time homebuyers.

The Welcome Home Loan Assistance Program offers a loan up to $25,000 for down payment assistance at 3% simple interest. Please see the San Jose City Wecom Home First Time Home Buyer Program for more information.

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vbrasil — Tue, 13 Jan 2009 00:15:44 +0000

Speaking to my colleagues here at the office, the loan guys as I refer to them, trying to get a grip on how easy it is to get a loan here in the Valley. For those of us who are looking at conforming loan amounts below $417K you can expect to get a rate of 4.75% for a 30 year fixed, that’s amazing. For those who think buying is tough right now they really need to look at this. You could get in for as little as 3.5% down, you’ll pay PMI but it may be worth it to take advantage of today’s prices. Minimun FICO is around mid 600′s for FHA guidelines, everyone else is expecting 720 FICO.

For those of you who need a higher loan amount the next level is up to $625K, that will get you a single family home or a nice town home in areas like Santa Clara and Campbell, or even Cupertino and Sunnyvale, yes I said it, Cupertino, Sunnyvale, townhomes of course. Pricing changes 5.25% for a 30 year fixed, still not bad, same FICO guidelines as above. Down payment here is a minimum 10%, still PMI.

Jumbos, anything over $625K is now considered a Jumbo loan and the pricing changes. No FHA underwriting here. Not as many players in this space, however there are buyers out there for larger homes or homes in more affluent areas and they are still selling $1 Million and $2 Million dollar homes. The pricing for these loans are at 6.75% with on 1 point for a 30 year fixed. This is the only product where a 5 year adjustable loan is lower than the 30 year fixed option, you could lower the rate to 5.75% no points with a 5 year fixed option. Here you will need 20% down and in some cases with higher loan amounts upto 25% minimums.

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Santa Clara Valley Living » Loans

First Time Home Buyers: San Jose

Lending World Is Beautiful – Loans & Mortgages