If you are looking for a California mortgage with an LTV percentile higher that 80% you will need a healthy FICO score of 730 or higher these days. Fannie Mae and Freddie Mac are being restructured as we speak as the credit crunch looms on, and as of today’s economic status, even ideal borrowers are having some issues getting approved. How LTV [Loan To Value] is calculated.

Your choices for lenders and banks in California are limited these days if you have to go with and LTV of even 75%, let alone 80%-90%. Unless you have a perfect FICO score and you have other significant assets you can out on the line, your choices are dismal to say the least. Have I depressed you yet? Don’t worry – it can be done.

In this article I attempt to list all of the banks and lenders that look at mortgage loans that are over the 80% LTV threshold. Whether you live in Fresco, Los Angeles, San Francisco, Palm Springs, San Diego or in between, your interest rates are going to be VERY close to the same. That goes for the difference between banks in California as well.

I have a friend who got a loan at an LTV of 85% and he had a FICO score of just 700. I think his FICO was actually a little lower – but I digress. Let us get to it. He did get his loan eventually and this was in the first week of November 2008, after the ugly credit crunch began. The month of Obama my friend. He was approved with Montecito Bank & Trust. Keep in mind that this loan he got was through his business. Different than just getting a personal mortgage with a high LTV between 80% and 90%. Don’t want to waste your time here so I want to make that clear.

To be honest, Montecito may very well provide basic consumer and personal mortgage funding, but you will have to give one of their branches a call. Here are their branch phone numbers:

• Santa Barbara/(805) 564-0255
• Montecito/(805) 564-0240
• Carpinteria/(805) 684-0487
• Goleta/(805) 564-0267
• La Cumbre/(805) 564-0271
• Westlake Village/(805) 778-0611
• Ventura/ (805) 676-1125
• Solvang/(805) 686-8602

Montecito has branch locations in eight in different locations – Santa Barbara, Montecito, Carpinteria, Goleta, La Cumbre, Westlake Village, Ventura, and Solvang. Their branch hours are the same with the exception of Ventura – the Ventura office is open Monday – Friday, 9 a.m. – 5 p.m. The rest of the branches are as follows:

Montecito Branch Hours:

Drive-Up Hours:

Monday – Friday – 8:00 a.m. – 6:00 p.m.
Saturday – 9:00 a.m. – 1:00 p.m.

Walk-Up Hours:

Monday – Friday – 8:00 a.m. – 9:00 a.m.
Monday – Thursday – 4:00 p.m. – 6:00 p.m.
Saturday – 9:00 a.m. – 1:00 p.m.

Lobby Hours:
Monday – Thursday – 9:00 a.m. – 4:00 p.m.
Friday – 9:00 a.m. – 6:00 p.m

In closing, you really want to get your LTV level down as low as possible before even considering shopping for a mortgage. The banks these days are really tightening up their lending policies so finding your funding may be difficult enough. California has a healthy helping of different banking institutions, so you may be in for a really hunt.