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  Home Bay Mortgage

Home Bay Mortgage

in Home Purchase Mortgages from Home Bay Financial · NMLS ID #1856453

Unaffiliated

Home Bay Mortgage

Unaffiliated

in Home Purchase Mortgages from Home Bay Financial · NMLS ID #1856453

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Highlights
Mortgage Programs
  • FHA
  • VA
  • Conventional Mortgages
  • Jumbo
Loan Amount Up to 1,200,000
Loan Term (Years) 15 - 30 years

Home Bay Mortgage Review

Home Bay Mortgage is offered by Home Bay Financial (NMLS #1856453), a direct lender founded in 2015 and based in Rancho Santa Fe, CA. Home Bay Mortgage is available in 1 state across the USA.

Key Takeaways
  • 4 different mortgage programs offered. Home Bay Mortgage offers FHA, VA, jumbo, conforming, and conventional mortgages.
  • Financing for single-family and multi-family properties. However, Home Bay Financial does not offer financing for manufactured homes.
  • Standard interest rates types. Home Bay Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • No origination fee. Home Bay Mortgage does not charge a fee for processing your loan application.
  • Maximum LTV. Home Bay Mortgage has a maximum loan to value ratio of 60%.
  • Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Home Bay Mortgage.
Home Bay Mortgage Pros & Cons
Pros Cons
  • $0 origination fee.
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Charges prepayment fees.
  • Only available in 1 state.
Home Bay Mortgage FAQ

How much can you borrow via Home Bay Financial?

Home Bay Mortgage allows borrowers to apply for loan amounts of up to $1,200,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Home Bay Mortgage?

Home Bay Mortgage offers mortgages with terms ranging from 15 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Home Bay Financial offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Home Bay Mortgage offers home loans with APRs starting at 1.99% .

Does Home Bay Mortgage charge an application fee?

Do they charge mortgage origination fees?

No, Home Bay Mortgage does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

What mortgage programs are available?

Home Bay Mortgage offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
  • VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Home Bay Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Home Bay Mortgage allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties

What is the customer service phone number?

The customer service number for this business card is (866) 638-2011.

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Contact

Hours of Operation

  • Sunday Closed
  • Monday 9:00am - 6:00pm
  • Tuesday 9:00am - 6:00pm
  • Wednesday 9:00am - 6:00pm
  • Thursday 9:00am - 6:00pm
  • Friday 9:00am - 6:00pm
  • Saturday Closed

Other Services by Home Bay Financial

Availability

  Available in 1 state
California
Availabile in all of California

Feature Breakdown

No Origination Fee
Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Intended Use
  • Primary Home
  • Secondary Home
Maximum LTV 60
Minimum Age 18
Minimum Down Payment Starting at 40
Property Type
  • Single Family Home
  • Townhome
  • Multi-Family Home
Verification Documents Required
  • Driver License (or other photo ID)
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
Investment
Primary Residence
APR Starting at 1.99
Loan Amount Up to 1,200,000
Loan Term 15 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • VA
  • Conventional Mortgages
  • Jumbo

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