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Program: Freddie Mac HomeOne

Detail Verified 9/2/2020 - Last Updated 8/8/2018

Program Overview

The HomeOne mortgage is a low down payment option that serves the needs of first-time homebuyers, along with no cash-out refinance borrowers.

Who is Eligible for this Program?

A 3% minimum down payment is required.

At least one borrower must be a first-time homebuyer when the mortgage is a purchase transaction mortgage. Buyers that have not held homeownership interest in a residential property within three years of the purchase date are eligible. All borrowers must occupy the mortgaged premises as a primary residence.

Homebuyer education is required for purchase transactions when all borrowers are first-time homebuyers.

No borrower geographic or income limits

Funds may be used for purchases and no cash-out refinances. If the LTV or the Home Equity Combined LTV (HTLTV) ratio is greater than 95 percent, the mortgage being refinanced must be owned or securitized by Freddie Mac.

Is this program for first time buyers only?: Yes

Property Eligibility Requirements

Allowable property types: 1-unit properties, including townhouses, condominiums, and units in Planned Unit Developments (No Manufactured Homes).

Benefit Details

Benefit: This program conforms to the Federal Housing Finance Agency's (FHFA) loan limits. The current loan limit for Clackamas, Multnomah, and Washington Counties is: $484,350. The program offers fixed-rate mortgages. Mortgage insurance is required, but cancellable after certain requirements are met.

Homebuyer Counseling / Education Required: Yes

Owner Occupancy Required: Yes

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