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
The lending part was super easy. Very quick closing. Great people. And they don’t sell your loan to other companies. I was kept informed at all times. No surprises at closing. Actually enjoyed the experience.
Wanda and the rest of the GMFS Mortgage crew are great!! They helped me and my family get our first home!! Even with our special circumstances they worked hard to get us the loan we needed!! Thanks so much GMFS!!!!
Very friendly. Always available to answer questions. Professional. Worked with me through the whole process. Kept me updated on everything. Very smooth process with him. Would definitely recommend to friends and family.
This is my second time working with Brad. I Didn’t think it could get easier than my first one, but this one was cake. They make an intimidating process very easy to accomplish. Communication and organization are top notch! The BEST! [Zillow reviews]
Established
Over 96,000 customers and $16.7 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