Often the biggest barrier for first-time home-buyers in San Francisco is the down payment. Traditional banks usually require 20% down. In San Francisco, the median home value is a whopping $1.14 million, where a 20% down payment equates to $228,000.  

5% Down, No PMI

Beginning 2019, SELFi is enabling San Francisco Bay Area home-buyers to purchase condos and single family residences with only 5% down on loan amounts up $2 million. There is no private mortgage insurance (PMI) required. On a $1.14 million purchase, the down payment is only $57,000.

“SELFi started with a simple idea: to offer the absolute lowest interest rates. That's it.”

Program Specifics

The mortgage program is only available to applicants who are buying a primary residence. For loan amounts below $1.5 million, a minimum credit score of 680 is required. For loan amounts above $1.5 million, a minimum credit score of 740 is required. Additionally, applicants should have a debt-to-income ratio below 43% and 3 – 9 months of reserves.  

30 Year Fixed or 7/1 ARM

Interest rates are highly competitive for both 30 year fixed mortgages and 7/1 adjustable rate mortgages.  

Opening the Door for New Homeowners

With only 5% down required, SELFi is opening the door to home-buyers who would otherwise be shut out of the competitive housing marketing. This is particularly true for high income first-time home-buyers but do not want to wait to save 20% down and fear being priced out of the market amid rising home prices.  
7 Steps to SELFi

You can now buy that $2 million condo with only 5% down.

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