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!
Customer Reviews
I felt like I had 20 people working on my loan but no matter what came up they were all great! Thanks!
These people made the process of purchasing a home bearable. Very helpful, available and friendly. I especially loved the videos that explain each step in the process. I highly recommend.
Ryan was a huge help in my house hunting and purchase process. He was always great at responding to my emails and phone calls and making sure all my questions and concerns were answered. I would recommend GMFS Mortgage to others.
Established
Over 89,000 customers and $14.9 billion in residential mortgage funding in 23 states
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Experienced
GMFS staff has an avg. of 14+ years of mortgage industry experience