Are you looking for a San Francisco mortgage? Congratulations, San Francisco is a beautiful city. I am a mortgage broker just south of San Francisco, in Burlingame, and can help most people with their San Francisco mortgage needs.
The conforming loan limit for a San Francisco mortgage is $417,000 for one unit, $533,850 for two units, $645,300 for three units, and $801,950 for four units. A homeowner or home buyer can borrow up to 90% of the property value for a primary residence. An investor can borrow up to 80% for a San Francisco mortgage on a rental property. Hopefully your loan amount falls in the conforming category because the rates are generally the best and qualifying is easier than for jumbos.
A conforming loan means that the loan is eligible to be purchased by Freddie Mac or Fannie Mae. However, Freddie Mac and Fannie Mae now offer what are called "agency jumbo" loans. Listed below are the agency jumbo limits for a San Francisco mortgage.
The limits for an agency jumbo loan for a San Francisco mortgage are $729,750 for one unit, $934,200 for two units, $1,129,250 for three units, and $1,403,400 for four units. There are several benefits of agency jumbo loans over jumbo loans.
First, you can borrow up to 90% of the value for a single family primary residence. Second, automated underwriting is allowed, which sometimes requires less documentation for a San Francisco mortgage. Finally, debt-to-income ratios can generally go higher than for a jumbo loan.
If you need to borrow more than $729,750 for a San Francisco mortgage, than you are in the jumbo category. We offer jumbo loans up to $10 million (more by exception). Here in August, 2009, there are more lenders entering (or re-entering) the jumbo loan market. Generally speaking, the down payment requirement will be at least 20%. Debt-to-income ratios generally can not be more than 45%.
Some of our jumbo lenders have some unique niches for a San Francisco mortgage. One of them does not require any asset verification. A small bank we have a relationship with is extremely fast because they only accept business from a small number of brokers - RMC Real Estate Loans being one of them.
I am here to help you with your next San Francisco mortgage.
Phil Caulfield
Office (650) 401-3239
Cell (650) 222-0386
Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me
