Jumbo Home Loans

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Dream Home - Bay Fed Jumbo Loans

Palm trees bending in the wind

The storms in late December 2022 and early January 2023 have damaged our communities in Santa Cruz and Monterey Counties. Bay Federal is here to support our members as they begin to clean up and repair their homes and businesses. 

We are now offering Emergency Loans to our members that have been impacted by the recent storms. For individual members, this can help cover the cost of temporary housing, insurance deductibles, or supplies. For our business members, this could help with flood clean up, business repairs, or supplementing lost income or wages to staff.

Emergency Personal Loan

For members who have been personally affected by the storm, we are offering emergency loans of up to $1,000 with a rate of 5.00% APR and no payments for 90 days.* The maximum loan term is 12 months.

  • Eligible borrower(s) must be a member(s) at least 30 days prior to evacuation.
  • No minimum credit score or income verification required.
  • All existing loans cannot be more than 30 days past due.
  • Borrower(s) must provide verification that they were under evacuation on or after 12/31/2022. Verification from can include:
    • Print out from website showing address was included in evacuation zones.
    • Copy of insurance claim for damages to personal property.
    • Verification of temporary unemployment due to employer closure due to storm related closure.

Members can apply online, in branch, or over the phone by calling our Member Service Center. Select "STORM EMERGENCY LOAN" as the purpose. Bay Federal is here to support our members as they rebuild and recover.


APPLY FOR A LOAN

 

Emergency Business Loan

For members whose business has been affected by the storm, we are offering emergency personal loans of up to $5,000 with a rate of 6.00% APR and no payments for 90 days. The maximum loan term is 24 months.

  • Must have primary Business Account with Bay Federal Credit Union, open for a minimum of 30 days.
  • No minimum credit score or income verification required.
  • Borrower(s) must have greater than 50% ownership in the business to be an applicant. If the business is 50/50 ownership, both owners must be on the loan, and both must be signers on the business account.
  • All existing loans cannot be more than 30 days past due.
  • Minimum 2 years self-employed.
  • Borrower(s) to provide documentation showing business was impacted by the storm. Proof can include:
    • Verification business is/was under evacuation orders.
    • Verification of business closure due to storm.
    • Copy of insurance claim for damages to business property.

Business members can apply online, in branch, or over the phone by calling our Member Service Center. Select "STORM EMERGENCY BUSINESS LOAN" as the purpose. Please know we are committed to working with you to get the recovery process going as smoothly and quickly as possible.


APPLY FOR A LOAN

 

*First payment deferred for 90 days. Interest will continue to accrue from date of loan disbursement and becomes due once payments begin. Emergency Personal Loan amount is for a maximum of $1,000. Terms up to 12 months. Rate is 5.00% APR. A monthly payment for a $1,000 at 12 months at 5.00% is $85.59/month. Based on approval of qualifications. No minimum credit score or income verification required. Borrower must Eligible borrower(s) must be a Bay Federal Credit Union member(s) at least 30 days prior to evacuation. Borrower cannot have any past or current charge-offs with BFCU. All existing loans cannot be more than 30 days past due. Borrower must provide verification that they were under evacuation on or after 12/31/2022. Verification can include: Print out from website showing address was included in evacuation zones; copy of insurance claim for damages to personal property; or verification of temporary unemployment due to employer closure due to storm related closure (verification employer is closed). Bay Federal Credit Union membership required. Terms and conditions are subject to change. For more information, visit any Bay Federal Credit Union Branch, apply online, or call us at 831.479.6000 or 888.4BAYFED, option 3.

†First payment deferred for 90 days. Interest will continue to accrue from date of loan disbursement and becomes due once payments begin. Emergency Business Loan amount is for a maximum of $5,000. Terms up to 24 months. Rate is 6.00% APR. A monthly payment for a $5,000 at  24 months at 6.00% is $221.56/month. Based on approval of qualifications. No minimum credit score or income verification required. Borrower must Eligible borrower(s) have had a Bay Federal Credit Union Business Membership and account for at least 30 days. Borrowers must have greater than 50% ownership in the business to be an applicant. If the business is 50/50 ownership, both owners must be on the loan, and both must be signers on the Bay Federal Business Account. Borrower cannot have any past or current charge-offs with BFCU. All existing loans cannot be more than 30 days past due. Minimum 2 years self-employed. Borrower must provide verification that their business was impacted by weather events on or after 12/31/22. Verification can include: verification business is/was under evacuation orders; verification of business closure due to storm; or copy of insurance claim for damages to business property. Bay Federal Credit Union membership required. Terms and conditions are subject to change. For more information, visit any Bay Federal Credit Union Branch, apply online, or call us at 831.479.6000 or 888.4BAYFED, option 3.

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