Freddie Mac HomeOne
Freddie Mac has created a new mortgage program for First Time Homebuyers. The main difference between HomeOne and Home Possible is that HomeOne does not have any income or geographic limits.
Features:
- Up to 97% financing for home purchase or rate-term refi
- No Income or Geographic Limits
- Flexible source of funds – can be used for your down payment and closing costs with no minimum contribution required from your own funds
- No Reserves required
- Conventional home financing with cancellable monthly Mortgage Insurance (MI) – helps you save money
Eligibility:
- One Borrower must be a first time home buyer (meaning no ownership interest in a residential property for past three years)
- 30 Year Fixed only
- All borrowers must occupy the property
- Primary residence only
- Homeownership education required if all borrowers are first time buyers – helps you get ready to buy a home and be prepared for the responsibility of homeownership. The Freddie Mac required homeowner education training is available online at http://www.freddiemac.com/creditsmart
- Borrowers can own other property
- Mortgage Insurance is required for LTV (Loan-to-Value) greater than 80%
Contact a GMFS Mortgage Loan Officer today!
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Customer Reviews
Paul, thank you for all your flexibility. When I had a question, you had an answer, regardless of what time of day it was. I truly appreciate all the help. It shows a great character and someone who is compassionate about what they do.
Ms Monica was extremely kind and extremely helpful to me. She made the loan process easy and simple. My life has changed so much not having to make a mortgage payment anymore. I am able to fix up and manage the upkeep on my home with the extra money I have now. You will love working with Ms. Monica getting your FHA HECM reverse mortgage.
Russ did a great job for me. He explained things very well and painted a picture of the process which was accurate. Attentive and available, he got my reverse mortgage done very quickly and without incident. I highly recommend Russ and GMFS.
Shane Dishman is the reason doing business with companies such as yours such a pleasure. He is an easy person to talk with and his knowledge made understanding answers to my questions simple. He was tireless in his vigil of my loan process from beginning to end. Any problems he fore saw were quickly taken care of. Trust me when I say he is the reason your company will be my recommendation to anyone seeking the same courteous and pleasurable treatment I received. Thank You.
Neil and everyone who was involved in my process of buying my house was very helpful and always answered my questions.
Established
Over 150,000 customers and $30 billion in residential mortgage funding in 23 states
Efficient
Processing, underwriting, and closing under same roof means smooth & predictable closings
Trusted
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Experienced
GMFS staff has an avg. of 14+ years of mortgage industry experience
*Not a commitment to lend. All loans subject to credit and property approval. The following terms are for illustrative purposes only. Rates, payments, and loans terms vary by consumer based on their individual qualifying information. The payment amount illustrated does not include the amounts for taxes, property insurance, or mortgage insurance.
| Loan Term | Down Payment | Annual Percentage Rate | Estimated Monthly Payment |
| 30 year fixed rate | 10% (90% LTV) | 4.75% | $1,043 |