One of the most popular types of home loans in the San Francisco Bay Area is conventional financing. Conventional home loans fit within the financing limits set by Fannie Mae and Freddie Mac.
Why consider a conventional loan? This type of loan is easy to customize to your needs, especially if you have a good credit score.
With a conventional loan, you can choose a fixed or adjustable mortgage rate. You can pick a loan term which can help you pay off your home on a timeframe which is comfortable for you. A loan like this can be structured to help you achieve your homeownership goals.
To qualify for a conventional loan, you must b applying for financing within the conforming loan limits established by Fannie Mae and Freddie Mac.
Here are the conforming loan limits for San Francisco County:
Because the Bay Area is a high-cost housing market, these conforming loan limits are higher than those which are in place for much of the country.
These are also the conforming loan limits for Marin, San Mateo, Santa Cruz, Santa Clara, San Benito, Monterey, Napa, and Contra Costa. The loan limits are lower in some of the other nearby counties.
If you are not sure what the conventional loan limits are for the county where you would like to buy a home, this is something we can inform you of during your consultation.
We get many questions from customers who are applying for conventional financing in the San Francisco metropolitan area.
You may be wondering:
What interest rates will I qualify for?
What loan terms are available?
How affordable will my home loan be?
What you will be eligible for when you apply for a conventional loan depends on:
Your credit score.
Your debt-to-income ratio.
How large a down payment you are able to make.
Your employment status and history.
All of these have an impact on your risk profile. The less risk you present as a borrower, the more willing lenders will be to extend you favorable loan offers.
Ready to find out what you will qualify for? Please call (925) 478-8630 today to schedule a consultation with one of our loan experts. Once we review your financial information, we can help you to apply for a competitive conventional loan. With our wide network of lenders throughout the Bay Area, we can bring you the most competitive rates.
We are based in Walnut Creek CA, we serve customers in the San Francisco Bay Area. This includes Martinez, Concord, Pleasant Hill, Alamo, Danville, San Ramon, Orinda, Moraga, Lafayette and throughout California.
Bridgepoint Funding is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.
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Bridgepoint Funding is committed to protecting the health and safety of our team members and community. As the situation with COVID-19 continues to unfold, we have taken precautions and moved our operations to 100% remote working. Rest assured that this transition has no effect on the level of service that you have come to expect of Bridgepoint Funding. We are here to serve you.