Freddie Mac will launch HomeOne on July 29th.  Program features/qualifications include:

  • 3% down payment
  • first-time homebuyer (defined as anyone who has not owned a home in the past 3 yrs)
  • if 2+ buyers only one needs to be a first-time buyer
  • no income or geographic restrictions
  • no ARMs (fixed-rate only)
  • no jumbos (must meet conforming loan limit of $453,100)
  • must be secured by a single-unit primary residence

HomeOne compares favorably to the FHA (3.5% required down payment) and to Freddie Mac’s existing Home Possible program (available only to buyers with low-to-moderate income).

Borrowers will need to pass Freddie Mac’s Loan Product Advisor risk assessment.  Factors include credit profile, property appraisal and evaluation of ability to repay debt.

Additional HomeOne program information may be found here.