Freddie Mac HomeOne is a mortgage program designed to help first-time homeowners with no geographic or income restrictions. It offers low down payment financing with flexible loan options.
Program features
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Freddie Mac HomeOne is an option for the first-time homebuyers. The program provides flexibilities and a low down payment compared without any income or geographic restrictions.
The major benefits include the following:
There are no income or geographic limitations to be qualified. However, at least one borrower must be a first-time homebuyer. Homebuyer education is required when all borrowers are first-time homebuyers.
Yes. Standard mortgage insurance (35%) is required with 95% LTV. Custom MI rates are applicable; reduced MI at 18% is permitted with a LLPA.
Yes. At least one borrower must be a first-time homebuyer to be qualified for Freddie Mac HomeOne.
Though both programs offer low down payment to the first-time homebuyers, Home Possible has income restrictions that vary by location, while HomeOne doesn’t.
