Government-sponsored enterprise (GSE) Freddie Mac announced a new 3 percent down payment option, HomeOne, for qualified first-time homebuyers, without income or geographic restrictions.
HomeOne is available only for conforming fixed-rate mortgages that are secured by a 1-unit primary residence, a detached single-family home, for example. The loans would be underwritten by Freddie Mac's Loan Product Advisor, to make a complete risk assessment based on credit, capacity, and collateral, HousingWire reports. HomeOne mortgages will be available to consumers starting on July 29, 2018.
“Freddie Mac’s HomeOne mortgage is part of the company’s ongoing efforts to support responsible lending, provide sustainable homeownership and improve access to credit,” Danny Gardner, senior vice president of single-family affordable lending and access to credit at Freddie Mac, said in a statement. "The HomeOne mortgage will provide our customers the flexibility they need to help borrowers anywhere in the country achieve the milestone of homeownership and overcome the common down payment resource hurdle,” Gardner continued.
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Financing
Q1 2024 Foreclosure Activity Rises Slightly
Data show New York, Houston, and Chicago topping the list of major metros with the greatest number of foreclosure starts during Q1 2024