SAN JOSE, CA – March 16, 2017 – Meriwest Mortgage is excited to announce that they have partnered with the Housing Trust Silicon Valley. This new partnership allows Meriwest Mortgage to help low income, first time home buyers purchase a primary residence in Santa Clara County. This program has income eligibility guidelines based on gross annual household income along with other factors. Meriwest Mortgage will use HTSV’s low-interest second loan to assist with the borrower’s down payment and/or closing costs.
The new program is called GAP and is funded by the State of California’s CalHome Program. GAP is a deferred second loan with a maximum amount of $57,500 to help with a home purchase in Santa Clara County. GAP features a 30-year term with a low current interest rate of 3% and no monthly payments. Payment of the loan is deferred until the expiration of the term, sale of the home, or refinance of the first mortgage.
“Meriwest is proud to continue to serve our community by offering this much needed program,” said Teri Saldivar, Director of Mortgage Sales. “In this extremely tight housing market, first time homebuyers struggle to compete for the small number of homes available in their price range. This new program can give them that extra advantage they need to become homeowners.”
About Meriwest Credit Union
Meriwest Credit Union, one of Silicon Valley’s largest and established financial institutions, has been providing proactive, personal, convenient and innovative financial services to over 72,000 businesses and families throughout the San Francisco Bay Area and Tucson, Arizona, for more than 50 years. More information can be found at www.meriwest.com.