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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This was our second mortgage with GMFS. It was great working with John and his staff.
David M. GMFS Mortgage Customer
Wednesday March 18, 2020
Friendly helpful efficient
Christine C. GMFS Mortgage Customer
Tuesday March 17, 2020
April is amazing!
She took care of everything. We will definitely be referring her and GMFS to friends and family.
Kelly D. GMFS Mortgage Customer
Monday March 16, 2020
The Loan process was stress free!
Cynthia R. GMFS Mortgage Customer
Monday March 16, 2020
Ryan Larussa and his team were excellent to work with. I would recommend Ryan and his team to anyone looking to finance a home purchase.
David S. GMFS Mortgage Customer
Friday March 13, 2020
Over 100,000 customers and $18 billion in residential mortgage funding in 23 states
Processing, underwriting, and closing under same roof means smooth & predictable closings
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GMFS staff has an avg. of 14+ years of mortgage industry experience