Rabobank expands loan options for low- to moderate-income home buyers (Press Release)

Published:

ROSEVILLE, Calif., Sept. 7, 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

Income limits may apply. All loans subject to credit approval. HomeReady is a registered trademark of Fannie Mae. Rabobank N.A. NMLS #649477. Rabobank N.A. is an FDIC member and equal housing lender. 

Media Contacts

Jacqueline Guzman
(916) 878-4631
Jacqueline.Guzman@rabobank.com 

Greg Jones

Gregory.Jones@rabobank.com