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
As a first time home buyer GMFS made me feel so comfortable through the whole process. Aimia and her staff answered every question and made this process quick and painless.
Stephanie Machado and her team make it a seemless transition. Love our new dream home that was made possible by GMFS.
Mark is great at what he does. He knows the process in and out and will do what he can to give you the best deal. He works hard to get you your dream home and never makes you feel like you’re at bother when you have questions. Very genuine guy. He also has a great assistant in Erica.
Established
Over 96,000 customers and $16.7 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