California Loan Options

California HomeReady for First Time Buyers

HomeReady, a Fannie Mae mortgage program, stands as a catalyst for increased access to affordable homeownership, particularly for low to moderate-income borrowers. This innovative initiative introduces flexibility in mortgage qualification, allowing borrowers to leverage the income of non-borrowing household members, such as relatives or renters.

HomeReady, with its forward-thinking features and commitment to inclusivity, stands as a valuable choice for first-time buyers and those seeking an accessible path to homeownership in California.

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Program Highlights of the HomeReady Loan

First-Time Home Buyer Friendly:

  • While ideal for first-time homebuyers, the HomeReady Loan is not exclusive to this group, offering flexibility for a diverse range of borrowers.

HomeReady Benefits:

  1. Low Down Payment:
    • Enjoy the advantage of a minimum 3% down payment, making homeownership achievable for both first-time and repeat buyers.
  2. Additional Income for Qualifying:
    • Leverage rental income from a detached or attached accessory dwelling (such as an apartment or ohana) to enhance qualifying when purchasing your primary residence.
  3. Helpful Qualifying Assistance:
    • All borrowers do not need to reside in the property. For example, parents who won’t occupy the home can be co-borrowers to assist their children. Explore additional income opportunities with the MCC Grant offered by PHL.
  4. Affordability Boost:
    • Borrowers putting less than 20% down benefit from a reduced Private Mortgage Insurance premium and qualify for a lower rate compared to traditional conventional loans.
  5. Home Buyers Counseling:
    • Recognizing the significance of informed decisions, HomeReady encourages homebuyer counseling for those navigating the complexities of buying a home or condo for the first time or reentering the market.

Income Considerations:

  • While the HomeReady program is accommodating, some income restrictions may apply.

HomeReady stands as a comprehensive solution, providing financial flexibility, affordability, and supportive features for individuals seeking a pathway to homeownership in California.

Information and self-help tools are provided for your independent use and are not intended to provide investment advice. We cannot and do not guarantee loan eligibility or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to speak with one of our experienced loan officers for a loan eligibility analysis and custom rate and payment estimate.

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