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
Over the past 12-years I have been involved in 5 home purchases with mortgage. This was perhaps the fastest, easiest mortgage loan processing I have been involved with aside from relocations where all of the work was done for me. Thank you Aaron and team for a very smooth low-stress experience. I have and will recommend your team to others.
Carrie and her team were excellent. Very attentive and always highly responsive as we went through the process. We couldn’t have been happier.
She was very helpful and honest through the process. I would recommend her to anyone looking to refinance a mortgage or obtain a mortgage.
Carrie is awesome. Knowledgeable, helpful, and kind
Carrie is a rockstar. She is very easy to deal with and is on top of everything. I could not recommend her more.
Established
Over 100,000 customers and $18 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