A married couple living in an apartment in the East Bay were looking to purchase their first home. They wanted to stay in the Bay Area, desired a family-friendly neighborhood, and a home with a big backyard where their 3-year-old daughter could have room to play.

The husband was the primary earner in the family, a tradesman, finishing up his apprenticeship. His business was growing and he had good credit, but his funds for a down payment were limited, and his income was too high for him to qualify for the Fannie Mae 3% down loan program (the borrower’s income must be within 80% of the median income level for the zip code of the property being purchased).

They found their dream home in Vallejo. I took their loan to Freddie Mac and got it approved because Freddie Mac doesn’t have an income requirement for that zip code. With this particular loan product, the family was able to purchase the property with a 3% down payment.