Freddie Mac HomeOne® mortgage is a great option for first-time homebuyers, as it offers a low down payment option while providing competitive and flexible mortgage options. This mortgage product is designed to help first-time homebuyers purchase a home more affordably, even with a limited down payment.
The Freddie Mac HomeOne® mortgage has a few key features, including:
Flexible eligibility requirements. Buyers don’t need a perfect credit score or a large down payment when applying for a HomeOne® mortgage.
Low down payments. The down payment requirement for HomeOne® is a minimum of 3%.
Competitive interest rates. HomeOne® mortgage rates are competitive and can be easily compared with other mortgage products.
Options for different loan types. You can choose between fixed-rate and adjustable-rate mortgages, as well as FHA and VA loan options.
Low PMI (Private Mortgage Insurance) costs. PMI may be required with low down payment mortgages, but the cost can be up to three times less with a HomeOne® mortgage.
Maximum loan limits. Compared to many other mortgages, HomeOne® offers higher maximum loan limits, allowing borrowers to finance more expensive homes.