Loans We Offer
Bay Federal Credit Union offers a full product line of local Home Loans solutions to best serve its members. Explore your options!
Bay Federal Home Loans
Whether you are looking to buy a new home, your first home, or refinance in California, our Home Loans options provide competitive rates, timely underwriting, and excellent member service.
- Down payments as low as 0% on loan amounts up to $1,149,8251
- Loan amounts up to $1,500,000 (for amounts up to $3,000,000, see Jumbo Loans below)
- Terms from 10 to 30 years
- Owner-occupied, non-owner occupied, and second homes
- Single-family homes, approved condominiums, 2-4 units, and manufactured homes
- Down payments as low as 5%
- Loan amounts up to $3,000,000
- Terms for 15 or 30 years
- Owner-occupied and second homes
- Single-family homes, approved condominiums, and planned unit developments
- Available as Fixed Rate Loans or Adjustable Rate Mortgages
- Loan amounts up to $1,500,000
- Terms for 302 or 40 years
- Owner-occupied and second homes
- Single-family homes, approved condominiums, 2-4 units, and real-property manufactured homes
- Down payments as low as 10%
- Loan amounts up to $1,500,000
- Terms for 30 years3
- Owner-occupied and second homes
- Single-family homes, approved condominiums, 2-4 units, and real-property manufactured homes
- Down payments as low as 5%
- Loan amounts up to $350,000 for leased-land
- Loan amounts up to $450,000 for co-op parks
- Terms for 10, 15, 20, and 30 years
- Single- and multi-wide homes
- Financing is available only on real property or in approved parks
- Up to 80% loan-to-value financing available
- Loan amounts up to $250,000
- Owner occupied and second homes
- Single-family homes, approved condominiums, two-units, and manufactured homes4
- Up to 80% loan-to-value financing
- Limits up to $400,000
- Owner occupied and second homes
- Single-family homes, approved condominiums, 2 units, and manufactured homes4
- Owner Occupied
- First Time Homebuyer (has not owned a property in the past 3 years)
- 680+ qualifying score
- Loan Amount up to High Balance limits
($1,149,825 for Santa Cruz and San Benito County, and $920,000 for Monterey County) - Up to 97% LTV – up to 3% down payment5
- No closing costs5
- Low Rates5
Home Loans for California
If you would like a Bay Federal Home Loan Consult to contact you, please complete and submit the following information. Please know we can only assist with home purchases or refinances in the state of California.
All loans are subject to approval of credit, income verification, assets, and property valuation. Bay Federal Credit Union membership required. For more information, visit any Bay Federal Credit Union branch or call a Bay Federal Home Loan Consultant at 831.479.6000, or toll-free at 888.4BAYFED, extension 304. Bay Federal Credit Union is registered with the Nationwide Mortgage Lending System (NMLS). Bay Federal Credit Union ID #403635.
197% financing is available to qualified first-time home buyers with a credit score of 620 or greater who meet underwriting approval and eligibility criteria. Loan amounts up to $1,149,825 in Santa Cruz and San Benito Counties, and $920,000 in Monterey County. Requires mortgage insurance approval. Property must meet specific occupancy and unit requirements. Some loan amounts only eligible for FTHB only.
25/5 ARM loans are fixed for the first 5 years and are variable thereafter, adjusting every 5 years for a 30-year mortgage. Your annual percentage rate may increase after the original fixed period by no more than 2 percentage points every 5 years, with a lifetime maximum adjustment of 5% during the life of the loan.
35/6, 7/6, and 10/6 ARM loans are fixed for the first 5, 7, and 10 years and are variable thereafter, adjusting every 6 months for a 30-year mortgage. Your annual percentage rate may increase after the original fixed period by no more than 1 percentage points every 6 months and 2 percentage points per year, with a lifetime maximum adjustment of 5% during the life of the loan.
4Manufactured homes must be built after 6/15/1976 and be real property.
5No closing costs include lender fees, appraisal fees, title fees, and escrow fees. First-Time Homebuyer Program available to those that have not owned a property in the last three years. Offer valid on owner-occupied single-family residences for those with a credit score of 680+. Maximum loan amounts up to $1,149,825 in Santa Cruz and San Benito Counties, and $920,000 in Monterey County. Mortgage insurance required for loan amounts greater than 80% loan to value. Offer applicable on purchase transactions in the State of California. Offer not available on refinances. Other restrictions may apply. Terms and conditions are subject to change without notice. All loans are subject to approval of credit, income verification, and property valuation. Bay Federal Credit Union membership required at the time of closing. For more information, visit any Bay Federal Credit Union branch or call a Bay Federal Home Loan Consultant at 831.479.6000, or toll-free at 888.4BAYFED, extension 304. Bay Federal Credit Union is registered with the Nationwide Mortgage Lending System (NMLS). Bay Federal Credit Union ID #403635.