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™? It’s a game-changing solution to that woeful lament: “I don’t have enough money for a down payment!” All you need is excellent credit!

What you need to know about our POPPYLoans:

  • POPPY stands for “Proud Ownership Purchase Program for You”
  • A POPPYLoan™ can be up to $2,000,000
  • Financing available up to 100% of the purchase price or appraised value, whichever is less.
  • Your credit score needs to be excellent (700 and above)
  • You may qualify as long as you work in San Francisco or San Mateo County
  • Available for primary residences only, in all nine Bay Area counties
  • No Private Mortgage Insurance (PMI)
  • Tax & insurance impounds are required
  • Eligible property types are single family residential, owner occupied multi-family 2-4 units, and condos

PoppyLoan FAQs

Why did we create POPPYLOAN™?

We were seeing too many people interested in home loans, who were qualified in every way with great credit scores. But they didn’t have enough money saved up for the 20% down payment required for a conventional mortgage loan.
To get the down payment, they would have to tap into their retirement accounts or borrow from a family member. This isn’t ideal!
We also see Bay Area rents skyrocketing. Many people can actually afford the monthly mortgage (look at the amount of money being paid in rent each month!), but have a difficult time securing funds for the necessary down payment. We wanted to find a solution to this growing problem and help our community.
As San Francisco’s credit union of choice, we created a real solution for our community. Our “Proud Ownership Purchase Program for You,” or POPPYLoan™, is our answer.

What credit score is needed for a POPPYLoan?

To qualify for a POPPYLoan, your credit score must be in the excellent or very good range. This means a minimum score of about 700.

Are there prepayment penalties?

No, there are never any prepayment penalties on any loan you may have with San Francisco Federal Credit Union. You can pay off your loan at any time without incurring a prepayment penalty

What types of properties are eligible?

First, a PoppyLoan is only given to someone who intends to use the property for their primary, owner-occupied residence. The property must be in one of these nine Bay-area counties: San Francisco, San Mateo, Alameda, Contra Costa, Marin, Napa, Sonoma, Solano or Santa Clara. 
Property types can vary, and include:
* Single Family Residence
* Multi-Family residence with 2 to 4 units
* Condominium
* Townhouse
* PUD (Planned unit development)

Do you require private mortgage insurance (PMI)?

No, there is no requirement for PMI.

What is your rate lock policy?

 San Francisco Federal Credit Union may grant a 60-day rate lock at the time we receive your completed appraisal. Otherwise, please note that mortgage rates may change on a daily basis.

What other home loan options does San Francisco Federal Credit Union provide?

San Francisco Federal Credit Union offers a wide variety of conventional and jumbo home purchase loans available to members with no restrictions on geographical work area, and with higher loan-to-value financing up to 80% (certain restrictions may apply.) If you would like more information about any home purchase programs the Credit Union offers, or would like to talk more about POPPYLoan, please feel free to call us at [415-359-2977|] or email us at [email protected]

What is the minimum down payment for a POPPYLOAN?

POPPYLoan has no down payment requirement. Maximum loan amount and program requirements apply.

Can I refinance an existing mortgage with a POPPYLoan?

No, POPPYLoan is not available to refinance an existing mortgage loan.

What type of loan is a POPPYLoan?

POPPYLoan is a 5/1 adjustable rate mortgage which is amortized over 30 years. This means the interest rate and monthly payment are fixed for the first 5 years of the loan and will adjust annually thereafter.

The loan has an opportunity to reprice at the 5-year mark and then once annually at a max of 2% at each adjustment and no more than 6% over the life of the loan.

What fees does the credit union charge for POPPYLoan?

San Francisco Federal Credit Union charges a $1,700 loan origination fee for any type of mortgage loan with an LTV above 80%. 
POPPYLoan also has an additional origination fee based on the loan-to-value and credit score. Please contact us for more details. Plus, you are also responsible for standard third-party closing costs.

Who can apply for a POPPYLOAN?

All applicants must qualify for membership and work in San Francisco or San Mateo County.
POPPYLoan eligibility also depends on a number of additional factors, such as credit scores, income, employment status, and property value and eligibility.

Do you require taxes and insurance be paid with my mortgage payment?

Yes, we require you to establish an impound or escrow account which will pay your annual taxes and insurance when they become due. The payment is paid each month with your regular principal and interest payment on your loan.

Does POPPYLoan require a property appraisal?

Yes, prior to final approval of the loan, a property appraisal with an interior and exterior inspection will need to be completed to verify the property meets eligibility standards.

What are standard third-party closing costs?

Closing costs are costs associated with a new mortgage. Typical closing costs include fees for appraisal, title insurance, title search, transfer taxes, settlement services, property taxes and hazard insurance premiums and government recording fees. These fees vary depending on the transaction type and the geographic location of the property.

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