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Just Approved: Small family capitalizes on Home Ready loan

Mortgage advisor: Dominique Stevens, Mayfair Mortgage


Property type: Single-family home in Vallejo.

Loan amount: $377,330.

Interest rate: 30-year fixed rate loan at 3.625%.

Loan type: HomeReady.

Backstory: Clients of mine referred a family to me who was in an interesting predicament. The father and his two grown sons had been renting a house in Vallejo for the past four years. The owner informed them that he was preparing to sell the property.

They never in a million years thought that they could own a home in the Bay Area, but when the owner told them he was preparing to sell it for $389,000, they were encouraged to reach out to me to see if it was even possible for them to qualify for the purchase.

The dad earns a very good income; however, they had minimal savings. I was able to get them qualified for the HomeReady loan program, which allows borrowers to purchase a home with only 3% down payment.

Between the dad and one of his sons, we were able scrape up enough money for the down payment and ask the seller to contribute towards the closing costs.

We were able to close their loan in 16 days. The family, out of a sheer stroke of luck, are now happy homeowners.

Dominique Stevens,

Mayfair Mortgage Advisors, 415-250-8908,