San Diego HomeReady Mortgage Loan Q and A (2017 Update)

Getting a loan can be a tough process.

There are a lot of questions that you will want to ask before you commit to any loan.

We’ve got some of the most common questions and answers to them so that you can make the best decision possible.

If you are interested in the HomeReady program after reading through this article, you will be able to find more info in the pros and cons article, the basics about the HomeReady program, 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:

What kind of home can I get?

San Diego HomeReady Mortgage Loan Q and A (2019 | 2020 Update)

There aren’t any limits on the home that you can get with this loan.

You will find that they have the same kind of limits as other loan programs.  

This means that you will be able to get a home with up to four units.

This is great news because you will be able to count possible rental income when you are trying to qualify for the loan.

This can make it even easier to get the loan.

How hard is it to qualify?

San Diego HomeReady Mortgage Loan Q and A (2019 | 2020 Update)

It’s not as hard as you would think.

This loan is made to be accessible to people that have issues getting other loans because of their qualifications.

When it comes to this loan, there is one qualification that is a little bit different than the other loans out there.

This is the fact that you will have to take a class that is about owning a home and being a homeowner.

This class is included because most of the people that they are targeting are people that don’t have a ton of experience with owning a home or a ton of good experience with a home.

This information can be used by people, regardless of how much they already know.

Even if you’ve owned a home before, you might learn some new information that you had never considered before.

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What kind of credit score do I need?

San Diego HomeReady Mortgage Loan Q and A (2019 | 2020 Update)

Unlike some other loan types, you’ll find that this loan is going to be rather forgiving when it comes to your credit score.

You can have a score as low as roughly 620 and still be able to qualify.

The reason why the credit score limits are lower is because of the group of people that this loan is aimed at.

This means that it will be easier to qualify and make sure that you’re really going to be able to deal with the loan and get the most out of it.

Can I use a gift for the down payment?

San Diego HomeReady Mortgage Loan Q and A (2019 | 2020 Update)

Yes.

That is an acceptable way of paying for the down payment.

You’ll be able to use a variety of different options for the gift for your down payment.

This gives you even more flexibility when it comes to getting your mortgage set up.

For some people, this can really make or break a loan.

Other loan types can get you disqualified if you are considering using a gift for the down payment of the loan.

It can be viewed as meaning that you are not able to make later payments.

However, the HomeReady loan program understands that some people need help every now and then.

That’s why they allow you to use a gift to make your down payment without too much concern.

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Can you use this loan as a refinance?

San Diego HomeReady Mortgage Loan Q and A (2019 | 2020 Update)

Yes!

This can make it a great option for people that are trying to refinance their home at a reasonable rate.

You won’t be able to use a refinance as a moment to get more cash back.

But you will be able to update your rate and even the term of your loan.

That can be a good enough reason to consider refinancing this way.

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Is it really worth shopping around when it comes to lenders?

San Diego HomeReady Mortgage Loan Q and A (2019 | 2020 Update)

It can be.

Often, you will find that lenders can differ greatly.

However, if you don’t have the time to take off for this particular loan, then you might find yourself struggling to really find a lender that will really help you.

I like to try and make sure that my rates are some of the lowest so that the people I work with can get the best deal, but you should still check around.

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Getting a lower rate can make your future even easier, so make sure that you take some time to look at the future and what you could possibly get.

What are the rates for this loan like?

San Diego HomeReady Mortgage Loan Q and A (2019 | 2020 Update)

The rates for this loan vary from lender to lender.

In order to give you an idea of the rates that I currently have, I’m going to direct you to this rate checker.

Of course, the rate will actually depend on you and what you are doing.

So I can work with you if you aren’t sure that you’re doing everything right with the checker.

Understanding the rates that you can get on a loan is incredibly important.

Can I own a home and use this loan?

San Diego HomeReady Mortgage Loan Q and A (2019 | 2020 Update)

If you are talking about owning a home in the US, then the answer is no.

This loan is not intended to be used on a second home or vacation home.  

It is meant to be used for your main home.

However, if you own a home in another country, then you shouldn’t run into many issues with this loan.

You just can’t own another home in the US.

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Conclusion

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 a comment below - or, call/text me at (760) 297-4539

Your HomeReady Insider, 

Scott

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