Does the High Price of Housing
Make you Dizzy?
Our interest-only home loan can make home ownership affordable
- Jumbo Mortgages – up to $3 million
- PoppyLoan™ – up to 100% financing
- Fixed and Adjustable Rate Mortgages (ARMs)
- Home Equity Line of Credit (HELOC) as low as 4.00% APR*
- 10-Year Interest-Only 10/1 ARM
San Francisco Federal Credit Union has a variety of loan products to suit your needs. Not only that, but you may be eligible for up to 100% financing!
How Much Home Can I Afford?
When you’re buying a home, mortgage lenders don’t look just at your income, assets, and the down payment available. They look at all your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating.
Definitions for Single Family Loan Amounts
- Conforming Loan Limits: Maximum loan amount $548,250
- Super Conforming/High Balance: Loan amounts over $548,250 to a maximum of $822,375
- Jumbo Loan Amounts: Loan amounts over $822,375
It’s smart to spend time investigating which mortgage is right for you, especially with the variety of loan products we offer to suit your needs. Whether you’re purchasing a new home or refinancing your existing home, selecting the right loan type is crucial.
A great option for those planning to stay in their new home for a long time and who want to minimize the effects of rising interest rates on their mortgages. San Francisco Federal Credit Union’s Conventional Fixed-Rate mortgages give you the stability of fixed monthly payments for the life of the loan. In other words, your total monthly payment of principal and interest will remain the same over time.
We offer both conforming and jumbo fixed-rate mortgages. The Bay Area maximum loan limit for conforming loans is usually $548,250; for super conforming loans the limit is $822,375, and jumbo loans are for amounts greater than $822,375. We offer:
- 15- and 30-year terms with fixed monthly payments
- Fixed rates (payments stay the same through term)
- Jumbo financing available
- Refinancing options available
Get one of the lowest fixed rate Jumbo Loans in the nation!
Jumbo mortgages are home loans that exceed amounts over $822,375, allowing you the opportunity to buy a high-priced home here in the Bay Area. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be right for you.
The limit on conforming loans is $548,250, but jumbo mortgages can exceed these limits, going up to $3 million. And with skyrocketing housing prices in the Bay Area, most people need a jumbo loan.
- Credit history – Jumbo mortgages are usually available for borrowers with very good credit, which generally means a FICO score of 680 or higher. There are also established guidelines for income and other personal financial information.
- Property appraisal – The property appraisal must support the purchase price for the home and the mortgage the borrower wants. The maximum loan amount will be based on the lesser of either the sales price or the appraised value
Adjustable Rate Mortgage (ARMs)
An Adjustable Rate Mortgage (ARM) differs from a fixed-rate mortgage in many ways. Most importantly, the interest rate changes periodically with an ARM, usually in relation to an index, and payments may go up or down accordingly. ARM rates may have a fixed-rate period of three, five, seven, or 10 years. After the initial fixed-rate period, the interest rate and payment may change accordingly.
Adjustable-rate mortgages are a hybrid of fixed and variable rates. Generally, fixed-rate interest is offered the first few years of the loan followed by variable rate interest after that. Therefore, investors can expect to have varying payment amounts for the life of the loan as opposed to one consistent payment, as with a fixed-rate loan.
The advantage of an adjustable-rate mortgage is that they carry lower interest rates during the fixed period of the loan. Plus, if you don’t plan to live in a home for 30 years, why borrow for 30 years to buy it?
Interest-Only Adjustable Rate Mortgage (IO ARMs)
An Interest-Only Adjustable Rate Mortgage (IO ARM) provides the features of an adjustable-rate mortgage (ARM) with the added benefit of significantly lower initial payments.
During the initial 10-year payment period, payments are for the monthly interest only, no principal payment is required. Following the initial 10 year period, the loan converts to interest and principal payments that fully repay the loan amount over 30 years (amortization period). The total loan term for this loan is 40 years.
While the interest remains fixed in the initial period, the interest rate during the 30 year amortization period may vary annually. The rate adjustments are subject to rate caps for each adjustment period and lifetime minimum and maximum interest rate caps for the loan.
San Francisco Federal Credit Union has a home loan product that offers up to 100% financing on your dream home! Why pay ridiculous rent when you can buy your own home with the customizable POPPYLoan™, a game-changing solution to that woeful lament: “I don’t have enough money for a down payment!”
Refinancing Your Home
Swap out your old loan for a new (and better!) one. Whether you have an existing San Francisco Federal Credit Union loan or one with another lender, we have options that may save you money. We offer both fixed-rate and adjustable-rate mortgages (ARMs), with no pre-payment penalties and no Private Mortgage Insurance (PMI) or Upfront Mortgage Insurance Premium (UMIP) on many loans.
For anyone considering refinancing their existing mortgage, please speak with one of our experienced mortgage advisors by calling 800-852-7598, extension 2977.
Home Loan Rates
|Conforming ARM 5/1||3.500%||3.539%||0.000%|
|Conforming ARM 10/1||2.875%||2.913%||0.000%|
|Conforming 30 Year Fixed||3.000%||3.038%||0.000%|
|Conforming 15 Year Fixed||2.750%||2.852%||0.000%|
|10-Year Interest-Only 10/1 ARM||3.125%||3.154%||0.000%|
Last Updated: 10/22/2021
|10 Year Home Equity Loan||4.500%||4.500%||0.000%|
Last Updated: 08/27/2021
We have home loan experts available to make your experience as smooth as possible. Call us at 1-800-852-7598 x 2977 to speak to one of our knowledgeable and friendly mortgage professionals to answer any of your questions.
Home Loan Document Checklist
When getting ready to submit an application, here’s a list of documents you will need to have on hand.
I have done 2 HELOC loans with SF Fed CU. They were great to work with: professional, responsive, and thorough. I would recommend them to anyone I am very happy with the processWilliam F.
Recently I was interested in getting a personal loan. [The] digital sales rep @ the Golden Gate branch responded to me promptly and was really helpful. After pre-qualifying me for a loan she helped me determine that a credit card (with a much lower interest rate) was the better option for me. I liked the fact that [she] steered me to an option that may be less income to the SFFedCU but is a better choice for me personally. The whole process from my first contacting the SFFedCU regarding a loan to getting the credit card took only 7 days.Maria L.
The SF Federal Credit Union has been a great banking experience for me. I have been a member for more than 30 years and never had a bad experience.Madelyn M.
Best Bank Ever!!! Staff are so helpful and make you feel like they’ve known you forever. I have never encountered a banking problem or situation that the SFFCU team hasn’t found a way to help solve! I wish there was a branch in San Jose but I’ve only had to travel to my actual branch about 5-6 times in my 25 years of being a member! Online services are so appreciated!
“I joined many years ago…There’s nothing I don’t like about them…It’s like a family. And because they offer an exceptionally new and used vehicle buying program that includes motorboats [and] motorcycles. They are kind and considerate.”Rosalinda Rodriguez
The mortgage team was absolutely fabulous in locking in my rate, directing me to get my documents in a timely fashion, and closing ahead of schedule. They are a great team and I am very happy with my mortgage loan! Special thanks to them for all they do!”Annette B.