The Best Mortgage Lenders in Milpitas, CA
Compare verified mortgage lenders serving Milpitas, California. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Milpitas
Featured Mortgage Lenders
Guild Mortgage - San Jose Team
Guild Mortgage Company
Guild Mortgage's San Jose office serves the entire South Bay area including Milpitas with exceptional expertise. They maintain a stellar 4.9-star rating across multiple review platforms with particular strength in first-time homebuyer programs and government-backed loans. Their experienced loan officers provide personalized service with competitive rates, and they have special programs for healthcare workers, teachers, and other professionals. Guild is known for their in-house underwriting and closing capabilities, which often results in faster loan processing times.
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Bay Equity Home Loans - San Jose
Bay Equity Home Loans
Bay Equity's San Jose branch consistently receives top marks for their exceptional customer service and competitive loan products throughout Santa Clara County. They specialize in navigating the complex Bay Area real estate market and have particular expertise with jumbo loans and investment properties. Their team includes multilingual loan officers who serve Milpitas' diverse community. Bay Equity is praised for their transparent communication throughout the loan process and their ability to close loans quickly in competitive markets.
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Patelco Credit Union - Milpitas Branch
Patelco Credit Union
As a community-focused credit union with a physical branch in Milpitas, Patelco offers exceptional value to local homebuyers. They provide competitive rates typically below major banks and offer special first-time homebuyer programs with lower down payment requirements. Their mortgage specialists have deep knowledge of the Milpitas and greater Bay Area housing markets. Patelco is particularly strong with member education, offering free homebuyer workshops and one-on-one counseling to help members make informed decisions.
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Frequently Asked Questions
Common questions about mortgage lending in Milpitas, CA
What are the current mortgage rates like for homes in Milpitas, CA?
Mortgage rates in Milpitas are typically competitive with national averages but can be influenced by the city's high property values and competitive real estate market. As of late 2023, rates for 30-year fixed mortgages in the area generally range from 6.5% to 7.5%, though this varies by lender and borrower qualifications. It's advisable to shop around with both local credit unions and national lenders to find the best rate for your situation.
Are there any special first-time homebuyer programs available specifically in Milpitas?
While Milpitas doesn't have city-specific first-time homebuyer programs, residents can access several Santa Clara County and California state programs. The California Housing Finance Agency (CalHFA) offers down payment assistance and favorable loan terms for qualified buyers. Additionally, some local lenders may offer special programs considering Milpitas' status as part of the high-cost Silicon Valley area.
How does Milpitas' proximity to major tech employers affect mortgage lending requirements?
Milpitas' location in Silicon Valley means many borrowers work in tech with variable income components like RSUs and bonuses. Lenders in the area are typically experienced in evaluating tech industry compensation, but may require two years of consistent bonus/stock income history. Self-employed tech workers should prepare extensive documentation, as underwriting can be more stringent for non-W2 employees in this high-cost market.
What unique closing costs should I expect when getting a mortgage in Milpitas?
Beyond standard closing costs, Milpitas homebuyers should budget for higher transfer taxes and recording fees due to Santa Clara County's elevated property values. You'll also encounter specific local charges like Milpitas' city transfer tax, which is typically split between buyer and seller. Given the average home price exceeds $1 million, these costs can be substantially higher than national averages.
How do Milpitas' Mello-Roos taxes and special assessments affect mortgage qualification?
Many newer Milpitas developments, particularly in the McCarthy Ranch and Great Mall areas, include Mello-Roos taxes that can add significant monthly costs. Lenders must include these in your debt-to-income ratio calculations, potentially reducing your purchasing power. It's crucial to identify any Mello-Roos districts early in your home search and factor these costs into your budget.
Why Choose a Mortgage Lender in Milpitas?
Local Market Knowledge
Lenders who understand Milpitas's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in California.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Milpitas and get competitive rates on your home loan.