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.
- 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
- 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%
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Service was very efficient and courteous. Made our tight deadline to close. Thankful to the team at GMFS.
Burney M. GMFS Mortgage Customer
Thursday November 23, 2023
Doug and his team worked extremely efficiently with my loan. Also the best service and communication I’ve experienced! Thank you for your help in getting my loan done!
Jerry M. GMFS Mortgage Customer
Wednesday November 22, 2023
Stephanie, Christy & the entire team at GMFS Covington were phenomenal! They worked tirelessly to help our family secure a mortgage on our new home. We highly recommend GMFS Covington and will use them for any future mortgage needs.
Chuck B. GMFS Mortgage Customer
Wednesday November 22, 2023
Great overall experience. Fast, knowledgeable and friendly.
Magnolia LLC GMFS Mortgage Customer
Tuesday November 21, 2023
I’m so thankful I went with GMFS Mortgage to purchase my home in Selma Texas! Brandi LeBas made this so easy and smooth from beginning to end. She was honest, straightforward and such a pleasure to work with. She seamlessly worked behind the scenes with my real estate agent, sellers agent and Title Company. Couldn’t have asked for better! Thank you so much Brandi, Sandy and the rest of the GMFS team for making my dream of owning a home possible and for making it such a great experience!
Courtney B. GMFS Mortgage Customer
Saturday November 18, 2023
Over 150,000 customers and $30 billion in residential mortgage funding in 23 states
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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|