We Do Home Loans

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Bay Federal Does Home Loans
Beautiful Beach Home
Bay Federal Credit Union offers a full product line of local Home Loans solutions to best serve its members. Whether you are looking to buy a new home or refinance in California, our Home Loans options provide competitive rates, timely underwriting, and excellent member service.

Bay Federal Home Loans

  • Fixed Rate Loans

  • Jumbo Home Loans

  • 5/1 & 7/1 Adjustable Rate Mortgages

  • 5/5 Adjustable Rate Mortgages

  • FHA Home Loans§

  • VA Home Loans§

  • Manufactured Home Loans

  • Second Mortgages

  • Equity Lines of Credit

  

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.

* 97% 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 $424,100. Requires mortgage insurance approval. Property must meet specific occupancy and unit requirements.

†95% financing is available to qualified home buyers with a credit score of 620 or greater who meet underwriting approval and eligibility criteria for the purchase of a 1 unit residence. Requires mortgage insurance approval. Loan amounts up to $636,150 are available for homes purchased in Santa Cruz and San Benito counties. Loan amounts may vary for property in other counties.

§ CUSO Mortgage, Inc., is a wholly owned subsidiary of Wescom Holdings, LLC, which is a wholly owned subsidiary of Wescom Credit Union. CUSO Mortgage, Inc., is licensed by the California Department of Corporations under the California Residential Mortgage Lending Act, license number 413-0584. NMLS ID #226752. Certificate of Eligibility issued from the VA verifies your eligibility to receive VA benefits. Loan approval subject to income and credit evaluation. VA and FHA Home Loans are processed by CUSO Mortgage, Inc. under contract with Bay Federal Credit Union (NMLS #403635). Terms subject to change without notice. CUSO Mortgage, Inc. is licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act - License Number 413-0584. NMLS ID #226752.

‡ Mortgage Insurance is not required on a 5/5 Adjustable Rate Mortgage (ARM) when providing a 10% down payment on loan amounts up to $636,150 with credit scores of 700 or greater. 5/5 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.

** Manufactured homes must be built after 6/15/1976 and be real property. 

‡ A 30-year term is available only for manufactured homes on real property.

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