San Francisco Home Loans
Low Fixed Rate Mortgage Refinancing

Homeowners residing in San Francisco, Marin and the Bay Area are offered discount mortgage rates for buying or refinancing from our local lenders. Industry experts anticipate home values in San Francisco to remain steady, but we strongly recommend tapping your home's equity now with a 2nd mortgage if you need cash. Real Estate evaluators are forecasting property values in San Francisco to increase between 3 to 5% in 2014 and 2015. Because of the recent economic improvements in affordability with record low interest rates and rising house prices, many homeowners are choosing fixed rate home loan products.

Low Fixed Rate Conforming, FHA and Jumbo Loan Programs from Top San Francisco Lenders

Many consumers have downgraded to easy their budget fears by selling their homes and financing a new home that costs less. This lowers their monthly payment, but decreases their potential home equity increase when the property values rebound and rise again. Many first time homebuyers are selecting the (see lender) payment option arm to help them afford their monthly payments with the million dollar mortgages that have become common place in coastal areas of California. The interest is deferred with these "pick a payment" loans so the effective interest rate is a lot higher than (see lender) in the end. Homeowners are gambling with their equity, but many consumers have benefited from the increased purchase power.

San Francisco Home Financing Market Update

San Francisco home loans
As the prime interest rate continues to climb, thousands, of homeowners in the bay area are watching their adjustable rate interest only mortgages eat away at their bank accounts. People from Oakland to Marin County are searching for quick solutions for their million-dollar jumbo mortgages.

In the past years, record low mortgage rates enticed many home owners to take advantage of adjustable rate interest only loans.

In San Francisco, interest only loans are a way of life. 82% of Bay Area mortgages are interest only, because salaries aren't proportionate to the cost of housing in that market.

After the subprime mortgage debacle, home equity loans have become extremely difficult to qualify for, so many Northern California homeowners have turned to FHA home loans for getting access to more cash because these loans allow consumers to get cash up to 95% in a fixed refinance loan. Our San Francisco mortgage lenders continue to extend discounted low rate mortgages to qualifying homeowners who meet the FHA guidelines with loan amounts up to $729,750. The Housing of Urban Development raised the California mortgage maximum limits for 2008 and the loan changes can be seen below by county.

MSA Name

County Name

State

One-Family

Two-Family

Three-Family

Four-Family

SALINAS , CA

MONTEREY

CA

$729,750

$934,200

$1,129,250

$1,403,400

NAPA , CA

NAPA

CA

$729,750

$934,200

$1,129,250

$1,403,400

OAKLAND-FREMONT-HAYWARD , CA

ALAMEDA

CA

$729,750

$934,200

$1,129,250

$1,403,400

OAKLAND-FREMONT-HAYWARD , CA

CONTRA COSTA

CA

$729,750

$934,200

$1,129,250

$1,403,400

SAN FRANCISCO-SAN MATEO-REDWOOD CITY,

MARIN

CA

$729,750

$934,200

$1,129,250

$1,403,400

SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLI

SAN MATEO

CA

$729,750

$934,200

$1,129,250

$1,403,400

SAN FRANCISCO-SAN MATEO-REDWOOD CITY,

SAN FRANCISCO

CA

$729,750

$934,200

$1,129,250

$1,403,400

SAN FRANCISCO-SAN MATEO-REDWOOD CITY,

SAN FRANCISCO

CA

$729,750

$934,200

$1,129,250

$1,403,400

REDDING , CA

SHASTA

CA

$423,750

$542,450

$655,700

$814,900

STOCKTON , CA

SAN JOAQUIN

CA

$488,750

$625,700

$756,300

$939,900


Home Loan Limits In San Francisco with FHA

When looking to finance a new home purchase with a FHA home loan, it is always important that applicants take into account the loan limitations of the areas they are looking to move to. Different limits will be given to different counties across the United States, and these limits will often directly reflect the income levels and housing prices of any given area. The maximum amount in 2014 is $625,500 for FHA loans in San Francisco communities.

In the state of California, these limits are vast and varied across the many different counties located in the region, and this is due to the fact that the state represents so many different income levels and types of homes. However, some of the more expensive and high income counties within the state are known to boast some of the highest FHA loan limits in the entirety of the United States.

One such county is San Francisco County, with FHA loan limits of around $790,000 for the year 2014. This means that when looking to finance a home in the county of San Francisco, a person must make sure that their desired home loan is under the $790,000 mark to qualify for one of these very beneficial financing options.

For San Francisco first time home buyers interested in buying a home in the Bay area, FHA is often the perfect financing option. These types of loans will come with a very low down payment rate of around 3.5% percent for those with good credit, allowing a first time home buyer to close on their home and move in more quickly. Also, for first time home buyers in San Francisco who may have low credit or no credit, these loans are backed by FHA mortgage insurance to allow lenders to be more lenient with allowing home loans, as they are insured against any losses caused by potential defaults.

FHA home loans in the state of California have many benefits, and the loan limits in San Francisco are kept high, allowing home buyers looking in this region many options in terms of financing a San Francisco home through one of these very convenient loans. Many different suitable residences can be found within the area for an amount that is under the set loan limit, giving prospective home buyers the chance to find the home that fits right with them and to finance it using a home loan option that provides both flexibility and affordability within the San Francisco area.

Nationwide can connect you with San Francisco lenders that offer home equity, and refinance loans with fixed or adjustable interest rates. We offer loans for residents in San Francisco County seeking cash or simple rate and term refinancing. We offer cutting edge mortgage programs for SF homeowners who need to access money, but prefer not to pay off their existing mortgage in the process.

At this time, second mortgages (home equity loans) are the most popular form of subordinate financing, and with fixed rates being lower than the variable rates, its no wonder why the popularity has increased.

A Few Common Reasons for Golden Gate Homeowners Getting Second Mortgages:

  • Fixing Variable Rate Credit
  • Increased Tax Deductions
  • Elimination of Mortgage Insurance
  • Bill Consolidation of High Rate Debt
  • Furniture for First-Time Homebuyers
  • Track Home Construction
  • Financing a Start-up Business
  • Purchasing a Vacation Home in SF
  • Swimming Pool Installation
  • Replacing the Roof
Don't wait any longer, Call now to speak with a seasoned loan professional live. We offer a helpful consultation that includes a free loan quotes with no obligation.

Whether you are purchasing a home in Stinson Beach, or in the city we offer subordinate loans for purchase or refinance. If you need help with a "Zero Down" 80-20 combo loan, then you have found the right lending source.

Our loan team will help you finance new furniture, house improvements and they will show you a solution for consolidating high interest credit card debt. Nationwide offers many fixed rate solutions, that don't require you to refinance your first home loan. We offer competitive home equity credit lines that will aid you in reducing your monthly expenses while returning you with significant savings.

Wouldn't you like to put more money in your pocket each month? Many of our second mortgage and refinance programs were created so people with less than perfect credit, can pay off debts, make improvements to their home, and offer access to additional funds for a multitude of reasons.

Before the rates get too high, Apply for a Fixed Rate Home Equity Loan. Stay online and complete one simple form and one of our experienced loan professionals will follow up with you shortly.

Relevant San Francisco Facts:

Average home value for owner occupied primary residence, 2000: $396,400
Homeownership rate, 2000: 35.0%
Average household income, 1999: $55,221
Population,
2004 estimate: 744,230
% of people living in same home for 5+ years, 2000: 54.2%
Average commute time from home to work (minutes), 2000: 30.7

Click Here for More San Francisco Loan Info

* Loan terms are state and federal fee restrictions. Laws may vary per state.
For additional city, county and state facts, please visit census.gov.

 

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Additional Helpful Mortgage Loan Pages:
Loan Specials | Adjustable Rate Refinance | Home Equity Refinance | Bad Credit Refinance | State Guide Second Mortgages | California Veteran Home Loans | California Mortgage Rates | 2015 FHA Loan Limits in California
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