San Diego's #1 HomeReady Home Loan Pros & Cons in 2021

Part of learning about a loan program is knowing about what makes it great and what can make it terrible.

We’ve made these lists to make sure that you’re getting the most out of your program.

If you are interested in the HomeReady mortgage loan after reading through this article, you will be able to find more info in the main article, the question and answer article, and an explanation of the loan limits that you will find with this loan.

If you’re really on the fence, then we’ve also got a list of the reasons why this program might be best for you.

If you’re interested in the program or have more questions about it, then just contact me. 

I’ll help you through the process.

Here's a quick rundown of our list:




Low Down Payment

One of the best parts of this program is the fact that you have a low down payment.

In fact, this is one of the lowest down payments that you will see when it comes to mortgage programs everywhere.

The 3% means that there is less of a block when it comes to getting people into a home.

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The most common roadblock with people now getting homes is how much they have to pay up front.

This can be because they are used to paying fixed amounts per month and not having to pony up a ton of money in order to afford the down payment.

This may because of a tough financial situation like living mostly paycheck to paycheck or having to pay off loans.

These situations can make it hard to save up the money that you need in order to get into a house.

After making that down payment, many people are able to keep up with the mortgage payments.

This means that they just need to get over that first hurdle in order to get into their home and make a great change to their life.

Must Read: San Diego HomeReady Mortgage Loan - Rates, Terms, Limits...

Additional Sources of Income

Unlike other mortgage programs, you will be able to take into account sources of income that are other than the main person on the mortgage loan.

This allows families that are living together make it even easier to afford their home.

If there are multiple generations living in the same household, it’s likely that many people in the house are working and making money.

While in some mortgage loans, they aren’t going to look at that.

This means that this can make it significantly easier to qualify and make payments.

This can work for many families that are living together and need a larger home to live in because of just how many people are in the home.

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Made for Those that are Lower Income

This mortgage loan is specifically geared towards people that are looking for a home that have lower income.

Getting a home can make a tremendous difference to the quality of life for people that have lower income, but getting those loans are so much harder.

However, this loan (as well as a couple of other programs) are aimed at making sure that those people that have lower income and need a home.

The qualifications that they have and the way that they handle looking at potential borrowers are specifically aimed at people that have lower income and a harder time getting a loan.

This is great news for people that have been trying to get a home but haven’t been able to live up to the qualifications that other mortgage programs have.

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Works for New Homeowners and Those that Have Owned Homes

Some people find that programs with lower down payment options and easier qualifications are usually aimed at people that are new homeowners.

This can be disappointing and restrictive for people that are trying to find a new home, whether it’s in a new location or a larger home.

But this program doesn’t have the same restrictions as other ones.

You can be new to owning homes or you can have already owned a home.

The only limit that you will find is that you can’t already own a home. 

This program isn’t meant to be used by people that are already owning a home in the US.

If you own a home out of the country, then it won’t matter.

But already owning a home in the country can mean that you aren’t able to use this program.

San Diego Homeowners: We have qualified buyers desperately seeking to buy immediately and pay top dollar…


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Counseling Course

This is one of the major qualifiers for the loan.

This breaks from what you will typically see, but it makes sense when you think about the typical people that the program is aimed at.

The course costs roughly $75 and is about owning a home and what it means and how you should best go about this.

The course will give you a certificate once you are done which will then allow you to actually qualify for the loan program.

For some people, this will eat up some time and resources that they might not have wanted to use this way, but it does allow you to get involved with the program.

Need Money? Whether you are a first time home buyer, currently own, or have owned in the past – you can get money to cover your down payment and closing costs – see the best programs now… 

Might Have to Shop Around

While I will make sure to get you the best possible rates that I can in San Diego, it might take you a little while to find me.

There are many lenders that are qualified to give out this loan, but you will find that each lender will have their own rates.

Some lenders that deal with Fannie Mae loans on a regular basis might not deal with the HomeReady loan.

So if you have worked with a lender in the past, you might find that they don’t do the loan.

This just means that you will have to spend some time looking around for a lender like me that will help you out.

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The Rates aren’t Different

While different lenders will have different rates, you will typically find that the rates are going to be similar to what you would find if you were getting a normal mortgage loan.

This is good because it means that you aren’t being charged higher rates because of the nature of the loan.

But it also means that you won’t have a break in this department.

Every penny counts and so getting a break on the rates can be extremely good.

The lower rates will typically be found by looking around at lenders, but even there you might not see as much difference as you would like for the effort that it would take.

Apply Now: Why wait? Apply online 24/7 using our secure loan application, from any computer or device, and let Scott find the best loan options based on your needs – takes less than 10 minutes…


If you are interested in the program after reading through our main article, you will be able to find more info in the pros and cons article, the question and answer article, and an explanation of the loan limits that you will find with this loan.

If you’re really on the fence, then we’ve also got a list of the reasons why this program might be best for you.

What do you think?

Is this a great option for you in San Diego?

Leave me a comment below – or, contact me here

Your HomeReady Insider, 


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