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.
We are extremely pleased with GMFS Mortgage!!! Stacey Britton is a rockstar and I can’t imagine anyone better!!! She is on top of everything and she goes all out to help you!!! I highly recommend this company!!!
Brandy was amazing. Super helpful and knowledgeable. Made this process easy. Would definitely recommend.
She was very helpful, she made the process really smooth. By guiding me through everything in the process. She really great
Paul, thank you for all your flexibility. When I had a question, you had an answer, regardless of what time of day it was. I truly appreciate all the help. It shows a great character and someone who is compassionate about what they do.
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 |