Mountain West Financial is now accepting new loan applications up to the new 2022 conforming loan limit of $647,200 for a single-family home, an increase of over $98,950 versus 2021 limits.

California High Balance Conventional, FHA & VA loan limits have also increased to $970,800 in Alameda, Contra Costa, Los Angeles, Marin, Napa, Orange, San Benito, San Francisco, San Mateo, Santa Clara, and Santa Cruz counties.  This marks the highest year-over-year increase of $148,425 versus 2021 high balance loan limits.

Other counties fall somewhere in between these “floor” and “ceiling” amounts.

  • Click Here to view loan limits in your specific California County.

CalPATH Combo-Loan Enhancements with New Loan Limits for 2022

California home prices are at an ALL-TIME-HIGH and Interest Rates are at an ALL-TIME-LOW!  Don’t fool yourself into thinking that home prices will come down anytime soon because chances are they won’t!  With that said, you need more buying power to compete in today’s seller market.

Our “NEW” CalPATH Combo Loan will help you purchase a single-family residence, condominium, or townhome in most *High-Cost California counties up to $1,200,000 with only 10% down and a 10% line of credit in the form of a 2nd mortgage.   Other combo loan finance options are available below up to a home purchase price of $1,600,000!

Here is how the Combo-Loan works!

Max Purchase
Price
Your Down
Payment %
Your Down
Payment $
1st
Mortgage
LTV 2nd
Mortgage %
2nd
Mortgage
CLTV
$1,200,000 10% $120,000 $960,000 80% 10% $120,000 90%
$1,300,000 10% $130,000 $970,800 75% 15% $199,200 90%
$1,400,000 10% $140,000 $970,800 69% 21% $289,200 90%
$1,500,000 10% $150,000 $970,800 65% 25% $379,200 90%
$1,600,000 10% $160,000 $970,800 61% 29% $469,200 90%

CalPATH Combo Loan Benefits

  • An 80-10-10 mortgage is structured with two mortgages: the first being a fixed-rate loan at 80% of the home’s cost; the second being 10% as a home equity loan; and the remaining 10% as a cash down payment.
  • This type of mortgage structure reduces the down payment of a home without having to pay private mortgage insurance (PMI), helping borrowers obtain a home more easily with the up-front costs.
  • Expand your buying power above county loan limits without obtaining a Jumbo loan which requires a minimum 20% down payment in most cases. Jumbo loan rates are often higher and require up to 6 months’ reserves in your bank account.

 

“About Mountain West Financial and the CalPATH Home Loan Program

Mountain West Financial is the exclusive lender offering CalPATH, the #1 home loan program for Teachers, Police Officers, Firefighters, and other public employees who serve our local California communities.

You may contact our CalPATH Hotline @ 800-310-7577, seven days a week from (8:30 am to 8:00 pm) or visit our website @ mwfdirect.com. A CalPATH advisor will be standing by to answer (any & all) questions you may have about the home buying or refinance process.

We look forward to working with you soon!

Sincerely,

Joe Moore
CalPATH Division Manager
NMLS #333648″

 

Links to External Sources:

  1. https://singlefamily.fanniemae.com/originating-underwriting/loan-limits
  2. https://www.investopedia.com/terms/8/80_10_10_mortgage.asp