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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.
