Need help modding ps4

Hey people I've modded consoles in past, curious if what I have been reading is possible.

Can I mod my ps4 console?
(To run cf n Homebrew?)

It is the blops 3 1tb edition PS4 and has 5.03 of on it.

I read that basically download cfw update to a USB drive, plug-in USB while PS4 is off,turn on,go to settings and update from USB, and I should have cfw on the PS4 after.

Is this right or bs??? Lol

If so can someone send file links and tutorials for cfw,Homebrew,apps

Thanks