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Introducing the HomeOne(SM) Mortgage

September 01, 2018 Announcements

Introducing the HomeOneSM Mortgage

Offer Your First-Time Buyer 3% Down Without Income or Geographic Limits
Available: July 30th 2018

What’s New About HomeOneSM?
Freedom Mortgage Wholesale is excited to offer the new Freddie Mac HomeOneSM Mortgage, designed to provide expanded affordability and eligibility flexibility for your first-time borrowers.

• 3% Down Payment (Purchase, 1 Unit Conforming Fixed Rate, Primary Residence)
• No Geographic or Income Restrictions (see comparison table below)

Click to View Product Snapshot - HomeOneSM Product Comparison

Borrower Benefits:
Savings – The first-time homebuyer will appreciate the lower down payment and financing flexibility.
Improved Access to Credit - Borrowers can enjoy the peace of mind knowing there is no income or geographic limitations. 
Sustainable Homeownership – Educational requirements help achieve responsible homeownership and long-term homeownership success.

Key Features:

• At least one borrower must be a first-time homebuyer when the mortgage is a purchase transaction.
• 97% LTV/TLTV/ HTLTV (1-unit, primary residence only).
• At least one borrower must have a usable credit score.
• All borrowers must occupy the mortgage premises as their primary residence.
• Eligible transactions include purchases and rate & term refinances.
• Conforming fixed rate financing only with a term up to 30 years.
• For purchase transactions when all borrowers are first-time buyers, homeownership education is required.
• For LTVs > 95%, standard MI coverage required is 35%.
• Available with Integrated Mortgage InsuranceSM (IMAGINSM).
• Eligible properties include single-family, condos and units in a PUD.
• Manually underwritten loans are ineligible.

 

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