Why did we create POPPYLOANTM ?
We were seeing too many people interested in home loans, who were qualified in every way, and either didn’t have enough money saved up, had to tap into their retirement accounts, or needed to borrow from a family member for the 20% down payment required for a conventional mortgage loan.
We also see Bay Area rents skyrocketing. It’s not that people can’t afford to make a house payment (look at the amount of rent that’s being paid!), it was the lack of funds or access to the size of down payment that is typically required. We wanted to find a solution to this growing problem and help our community.
As San Francisco’s credit union of choice, we delivered a real solution for our community. Our Proud Ownership Purchase Program for You - POPPYLOANTM is our answer to the down payment problem so many people struggle with when trying to buy a home in the Bay Area. Too many people living and working in San Francisco give up the dream of homeownership or moving up to a larger home. The necessary down payment would require they commit their entire nest egg to the home purchase. They see it as hopeless. POPPYLOANTM brings back that hope, brings back the real opportunity to stop paying ridiculous rents and start having your money go to work for you.
How does POPPYLOANTM work?
It’s simple, really.
- POPPYLOANTM is available to anyone who works in San Francisco or San Mateo County.
- The home you want to buy and will live in as your primary residence must be located in one of the 9 Bay Area Counties. These are San Francisco, San Mateo, Marin, Napa, Sonoma, Santa Clara, Alameda, Contra Costa, Solano.
- You can finance up to 100% of the purchase price or appraised value, whichever is less - all in one loan.
- Loans are available up to $2,000,000.
- There is NO added cost of Private Mortgage Insurance (PMI).