Freddie Mac Introduces New 3% Down Payment Mortgage
✉️ Want to forward this article? Click here.
Back at the end of 2014, Freddie Mac rolled out a mortgage product that required just a 3 percent down payment. Now the mortgage giant has introduced a similar product that can be applied for anywhere in the United States.
The HomeOne mortgage is a conventional loan product with a 3 percent down payment option for qualified first-time homebuyers. The difference between this product and the one introduced a few years ago is that this option does not have any geographic or income restrictions.
story continues below
loading...story continues above
"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," a statement from Freddie Mac read.
In order to take advantage of the HomeOne mortgage, the following requirements must be met:
- The product is only offered for conforming fixed-rate mortgages secured by a one-unit primary residence.
- At least one of the borrowers must be a first-time homebuyer.
- The mortgage must be underwritten through Freddie Mac’s Loan Product Advisor.
See other articles related to: freddie mac, home loans, homeone mortgage
This article originally published at https://dc.urbanturf.com/articles/blog/freddie-mac-introduces-new-3-down-payment-mortgage/13917.
Most Popular... This Week • Last 30 Days • Ever
Monument Realty and Mosaic Realty Partners redevelopment plans for a surface parking ... read »
Plans to convert a downtown DC office building into a large apartment project continu... read »
Another missing middle development has been proposed along Brookland's main throughfa... read »
Kite House at The Parks at Walter Reed sold seven residences in September alone. The ... read »
Maybe it was falling interest rates or perhaps more homes hitting the market, but buy... read »
- 235-Unit Development With Public Park Pitched For Downtown Bethesda Looks To Move Forward
- 400-Unit Office-To-Residential Conversion Pitched in DC's West End Heads To BZA
- From One Home to 9 Apartments Along Brookland's Main Drag
- A No Down Payment Assistance Program at Kite House, DC’s Best Selling Condominium
- September Surge? Home Sales Pick Up In DC Area, But It May Not Last
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro