Buying a home in the San Francisco Bay Area feels impossible for many first-time buyers. With median home prices exceeding $1 million in many neighborhoods, scraping together a 20% down payment (plus closing costs) can take years. But what if you could get up to $20,000 in lender credits and skip private mortgage insurance altogether?
Two specialized mortgage programs are helping Bay Area buyers do exactly that, and most people have never heard of them.
The Neighborhood Saver Mortgage: Up To $20K In Lender Credits
JVM Lending’s Neighborhood Saver Mortgage offers qualified buyers a 2.5% lender credit (up to $20,000) based on your loan amount when purchasing a home in approved census tracts across the Bay Area. This credit can be applied toward lowering your interest rate, which reduces both your monthly payment and the total interest paid over the life of your loan.
Where it works in the Bay Area:
- Contra Costa County (including parts of Richmond, Concord, Antioch, and Pittsburg)
- Alameda County (including Oakland, Hayward, Fremont, and San Leandro)
- San Francisco County
- San Mateo County (including Redwood City and Daly City)
- Santa Clara County (including San Jose, Gilroy, and Morgan Hill)
Who qualifies:
- Minimum credit score of 620
- Household income within 120% of Area Median Income (some tracts have no income limits)
- Property must be owner-occupied
- You do NOT need to be a first-time buyer
The No PMI Mortgage: Skip Hundreds Per Month In Insurance
Private mortgage insurance typically costs $100-$400+ per month on Bay Area homes when you put down less than 20%. JVM’s No PMI Mortgage eliminates this cost entirely, even with just 3% down.
Unlike other “no PMI” programs that simply roll the insurance cost into a higher interest rate, this program truly waives PMI without raising your rate. That’s real savings of thousands of dollars per year.
Eligibility for the No PMI program:
- Minimum 3% down payment (gift funds allowed)
- Credit score of 640 or higher
- Property in approved assessment areas throughout the Bay Area
- Buyer cannot currently own residential property
- Income under 80% of Area Median Income, OR no income limit if buying in a Low-to-Moderate Income census tract
- Loan amounts up to $806,500
Can You Combine Both Programs?
In some cases, yes. Certain properties in the Bay Area may qualify for both the $20K lender credit AND the PMI waiver, maximizing your savings. The key is buying in the right census tract.
Real Numbers: What This Looks Like
Example: $712,500 loan amount in Alameda County
Traditional Conventional Loan (5% down): – PMI: ~$280/month ($3,360/year) – Standard interest rate
With JVM’s Programs (3% down): – PMI: $0 – Up to $17,812 lender credit (2.5% of loan) to buy down your rate – Potential monthly savings: $400-$600+
How To Check If A Property Qualifies
The easiest way is to contact JVM Lending directly at (855) 855-4491. Their team can instantly check any address against the approved census tracts and confirm your eligibility for both programs.
You can also get pre-approved online in minutes with no impact to your credit score and no documents required upfront.
Why These Programs Exist
These programs are designed to strengthen communities and expand homeownership in economically diverse neighborhoods. Banks receive Community Reinvestment Act (CRA) credit for lending in these areas, which is why they can offer such favorable terms.
The result? Real benefits for buyers who are willing to purchase in designated census tracts, many of which include desirable Bay Area neighborhoods you might already be considering.
Next Steps For Bay Area Buyers
- Get pre-approved to confirm your eligibility and buying power
- Share your target neighborhoods with your lender to check census tract eligibility
- Work with a local real estate agent who understands these programs
- Move quickly because program availability can change
Ready to see if you qualify? Contact JVM Lending at (855) 855-4491.
At JVM Lending, we help buyers, homeowners, and investors make confident decisions in the evolving housing market. Whether you are purchasing, refinancing, or planning ahead, our team is here to guide you every step of the way.
