ROSEVILLE, CA--(Marketwired - September 07, 2016) - Homeownership is more attainable for low- to moderate-income residents through Rabobank N.A.'s new HomeReady mortgage product, which provides more down payment flexibility and fewer income restrictions.
"We've removed many of the home-buying roadblocks for low- to moderate-income residents, making it easier and more affordable to purchase a home," said Margaret Bond, director of Rabobank's Mortgage Banking Services. "Friends and relatives can contribute to a down payment, there's no income limit and roommates' rent can help the homeowner qualify -- features not always available through other home loan programs."
Features of the HomeReady mortgage product include:
- No income limit (for low- to moderate-income areas) or income limit of 100 percent of area median income.
- Gifts and grants can be used toward down payments and closing costs.
- No minimum contribution required from the borrower's own funds (for one-unit properties).
- Down payments as low as 3 percent for home purchases.
- Income from relatives or roommates may help the borrower qualify.
- Co-borrowers are not required to reside in the home.
- Eligible borrowers may be able to cancel their mortgage insurance upon reaching 20 percent equity in the home (restrictions apply).
- Limited cash-out refinances available up to 95 percent.
As well, an interactive, online course is available to help prepare buyers for homeownership.
By teaming up with Fannie Mae, a leading U.S. financial source for mortgage lenders, Rabobank's HomeReady mortgage is available to qualified homebuyers throughout California.
More information about Rabobank's HomeReady mortgage can be obtained at a local Rabobank branch. A list of branch locations are available at www.rabobankamerica.com/locations.
About Rabobank N.A.
A unit of Rabobank Group, Rabobank N.A. is an award-winning, full-service bank grounded in California's agricultural communities. With more than $14 billion in assets, Rabobank provides a wide range of financial products and services for individual, business, and food and agribusiness customers. Its 102 branches, multi-function ATMs, and online and mobile banking resources empower Californians to bank when, where and how they want. Committed to service, Rabobank's more than 1,500 employees take pride in improving their communities personally and professionally. Rabobank N.A. is a nationally chartered bank, FDIC member and equal opportunity lender. Visit www.rabobankamerica.com.
Income limits may apply. All loans subject to credit approval. HomeReady is a registered trademark of Fannie Mae. Rabobank N.A. NMLS #649477.