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%
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Customer Reviews
Monica Emmert was my agent and I recommend her highly to other people who are in need of an FHA HECM reverse mortgage. She is highly capable and intelligent in her job. Has a great personality and easy to work with. She is very through, patient, and helpful in communicating the process of this mortgage to me.
Has a great experience with GMFS. Answered all our questions and explain everything with our house purchase. They know how to make dreams come true. Thanks again!
GMFS has been my lender for while now and when it was time to buy a new house realtor suggested GMFS and i would have used them anyways. There is a easier company to deal with. They don’t sell sell your mortgage and that is very nice too.
The team with GMFS are so helpful! They make the loan process so easy and I appreciated the one on one touches. Thank you!
Established
Over 150,000 customers and $30 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
*Not a commitment to lend. All loans subject to credit and property approval. The following terms are for illustrative purposes only. Rates, payments, and loans terms vary by consumer based on their individual qualifying information. The payment amount illustrated does not include the amounts for taxes, property insurance, or mortgage insurance.
Loan Term | Down Payment | Annual Percentage Rate | Estimated Monthly Payment |
30 year fixed rate | 10% (90% LTV) | 4.75% | $1,043 |