Borrower in targeted census tract gets loan with no mortgage insurance

Mortgage adviser: Jared Silveria. Property: Condo in Richmond.

Purchase price: $542,000.

Loan amount: $514,900. Loan type: 30-year fixed

Rate: 4.5 percent with no points.

Backstory: My client was a single woman who was looking for a condo in the Bay Area. She had a tight budget and didn’t want a payment that would prevent her from traveling and living her life. I made her aware of special financing that is available when the purchased property is located in targeted census tracts.

This lending program allows for as little as 3 percent down payment, no private mortgage insurance (PMI) and a discounted interest rate for homes in approved areas. She found a fantastic condo in the Richmond Marina area with the help of real estate agent Claudia Esteban with Better Homes and Gardens in Berkeley.

The loan request went through the system very quickly, despite my having to work through some complexities with the condo’s homeowners association. The home purchase closed in the expected time frame, and the client ended up with minimal closing costs and a payment that she could afford.

She realized her dream as a homeowner and is still able to travel and enjoy her life due to the savings provided by this program.

Jared Silveria, Holmgren & Associates, 925-350-9845, jared@mortgageholmgren.com.