CAPITOLA, Calif.–Bay Federal Credit Union has introduced a new First-Time Homebuyer Program.
The program offers potential homebuyers options beginning with a 3% down payment and no closing costs, and is available for owner-occupied single-family residences. Maximum loan amounts are $822,375 in Santa Cruz County and San Benito County and $739,450 in Monterey County.
The term “First-Time Homebuyer” refers to those that have not owned a property in the last three years, the credit union said.
“As the cost of housing continues to climb, many people think owning their own home is out of reach,” said Bay Federal Credit Union President and CEO Carrie Birkhofer. “In the credit union tradition of people helping people, we are excited to offer this program to our members and make the dream of owning their own home a reality.”
Bay Federal’s added its home loan consultants are renowned for their “friendly, fast, and local service, and can assist with home purchases or refinances in the state of California.”
The $1.4-bilion Bay Federal has more than 80,000 members.