New
Mortgage Now Available for San Franciscans Who Can't Make a Down
Payment in Skyrocketing Bay Area Housing Market.
San
Francisco, CA, USA (December 10, 2015) -- San
Francisco Federal Credit Union today announced the
availability of a new home purchase loan option for San Franciscans
struggling with Bay Area housing prices. The POPPYLOAN™ mortgage
offers up to 100 percent home financing with the possibility of zero
down payment required for credit union members seeking to buy a new
home.
POPPYLOAN
was created in response to skyrocketing home prices throughout the
San Francisco Bay Area. Many San Franciscans are paying more than the
average mortgage payment in rent every month, but they cannot buy a
home because they cannot save enough for the 20 percent down payment
required for a conventional mortgage. To help fellow San Franciscans
make their dream home a reality, San Francisco Federal Credit Union
created the Proud Ownership Purchase Program for You - POPPYLOAN.
POPPYLOAN
is available to anyone who works in San Francisco or San Mateo
Counties and can be used to purchase a home anywhere in the nine Bay
Area Counties: San Francisco, San Mateo, Marin, Napa, Sonoma, Santa
Clara, Alameda, Contra Costa, or Solano. Qualified borrowers can
finance up to 100 percent of the purchase price of a home, up to $2
million. There is no added requirement for private mortgage insurance
(PMI).
"We
see POPPYLOAN as a game-changer for the San Francisco real estate
market," said Rebecca Reynolds Lytle, Senior Vice President and
Chief Lending Officer for San Francisco Federal Credit Union. "Too
many of our members have given up hope of buying a home because of
escalating home prices and the required down payment. However, these
same families are paying more than a mortgage payment for monthly
rent. Paying $3,600 for a one-bedroom apartment is about the same as
making a monthly payment on an $800,000 mortgage. We created
POPPYLOAN to help middle class families realize their dream of buying
a home without having to move out of the Bay Area."
To
qualify for POPPYLOAN, borrowers must be 18 years or older and
purchasing a single family home, townhouse, condominium, or 2-to-4
unit multi-family dwelling as their primary residence. POPPYLOAN is
structured as a 5/5 adjustable rate, 30-year mortgage. Interest rates
and monthly payments are fixed for the first five years and every
five years thereafter, with no more than a 2 percent increase every
five years and no more than a 6 percent increase over the life of the
loan. POPPYLOAN is not available for refinancing an existing
mortgage.
"The
rising cost of real estate is creating a housing crisis in San
Francisco, and while POPPYLOAN isn't a solution for everybody, we
want to do what we can for our friends and neighbors," said
Steven Stapp, President and CEO of San Francisco Federal Credit
Union. "We studied the problem and realized that there was no
reason our credit union couldn't offer up to 100 percent financing
without requiring PMI. Other credit unions have had success with
similar programs and we built POPPYLOAN as the best possible solution
we could offer to our members."
For
more information, visit San Francisco Federal Credit Union at
http://www.sanfranciscofcu.com.
About
San Francisco Federal Credit Union
San
Francisco Federal Credit Union has been serving San Francisco since
1954. Today, anyone who lives, works, or attends school in San
Francisco and San Mateo Counties may apply for membership. We
currently serve more than 37,000 members. San Francisco Federal
Credit Union is federally insured by the National Credit Union
Administration and is an Equal Housing Lender. NMLS# 416906.
Contact:
Elaine
Lee
Marketing
Supervisor
San
Francisco Federal Credit Union
P:
415-615-7099 F: 415-447-2259
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