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 http://dc.urbanturf.production.logicbrush.com/articles/blog/freddie-mac-introduces-new-3-down-payment-mortgage/13917.
Most Popular... This Week • Last 30 Days • Ever
The nearly 12,000 square-foot McLean house of the former Washington Nationals pitcher... read »
This article discusses the variety of rental restrictions that may exist in condomini... read »
Forest Hills Connection is reporting that the owner of the Days Inn along Connecticut... read »
The 67-room luxury hotel will be located at 3000 M Street NW, the site of the old Lat... read »
The eight-bedroom estate built by Banks Development along Chain Bridge Road will be l... read »
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