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
Buying a house is obviously an extreme roller coaster process. There came a time during the process where we thought we would not get approval. Kevin and Lacey stayed persistent and made it happen. We greatly appreciate their assistance and their patience with us during the process.
Process went faster then I thought and the whole team was awesome
Easy , smooth service. Good information given
Extremely knowledgeable as well as compassionate gentleman who always had time to address all my concerns and questions. So thankful Jason was referred to me.
I absolutely loved Ashely and how fast she worked! Everything thing was straight forward, smooth and Easy! We submitted my loan app Nov. 11th & Closed on our home on Dec. 17th! Thank you GMFS for such a great Mortgage Lender!
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