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.
“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.