Loan amount: $377,330.
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.