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
Excellent customer service offering knowledgeable assistance with efficiency.
Aaron and Charmayne communicated effectively throughout the process. They were knowledgeable and very helpful. Aaron brings a comforting level of calmness and confidence to the process. I had worked with him on a refi years ago and it was a no brained to reach out when it was time to purchase a new home for my family! First rate Loan Officer and organization.
Ryan and his team went above and beyond once again to help me out. I refer everyone that I can to go and talk to him. Ryan is a honest and great guy!! Looking forward to doing business with him in the future.
Ryan and his team made our homebuying process easy! They were very responsive and took the time to ensure we understood all parts of the loan process. Highly recommend GMFS and the Ryan Larussa team.
Excellent service as always with Ryan. This is now the third he has done for me. Very professional, quick responses, and an overall great guy to work with. Thanks again for another successful mortgage processing and closing.
Established
Over 100,000 customers and $18 billion in residential mortgage funding in 23 states
Efficient
Processing, underwriting, and closing under same roof means smooth & predictable closings
Trusted
A+ rating with BBB and winner of Torch Award for Marketplace Trust
Experienced
GMFS staff has an avg. of 14+ years of mortgage industry experience