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!
Customer Reviews
10/10 with Ryan and his team. They made the whole process easy and fast and were accessible for me throughout. They made sure we had everything all set for closing with no delays at all. I will definitely be using them again and will recommend them to anyone I know.
I had an excellent experience with GMFS Mortgage. Jason and Sandy were easy to work with, helped me to feel comfortable and informed throughout the entire process, and stayed on top of things every step of the way. Thanks for ensuring that everything ran smoothly for my first home purchase!
Great loan product, great experience, good people.
I love, love, love working with this group!! Amazing
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