HomeOne
If you’re dreaming of homeownership but still saving for a down payment, you may be able to buy now with a HomeOneSM mortgage. It only requires a 3% down payment, and you’re not limited to a traditional residence.
Low down payments for first-time homebuyers or new rates and terms for homeowners with a Freddie Mac loan:
The Freddie Mac HomeOneSM mortgage is a low down payment option for qualified first-time homebuyers. It helps hopeful first-time buyers become homeowners, offering relaxed requirements for income levels and geographic locations. HomeOneSM only requires a 3% down payment, and you’re not limited to a traditional, single-family residence.
If you already have a Freddie Mac mortgage, this program offers a no cash-out refinance so you can change the rates and terms of your loan.
Key Features and Benefits:
Low down payments beginning at just 3% of your total loan payment.
You may qualify with a minimum 620 FICO score
Several property types are allowed, including single-family home, condo, modular homes, one unit co-ops, manufactured home* and homes in Planned Unit Developments (PUDs)
No income or geographic restrictions, so you're free to shop for a home within the neighborhood you prefer.
Homebuyer education is required, and help you prepare for the responsibilities of a mortgage.
* Manufactured homes are allowed on Purchase and Rate Term Refinance Transactions of a Primary Residence only. Among other requirements, 95% LTV and a minimum of 640 FICO required.
