Home | Newsletter | Advertise
loading...

Freddie Mac Introduces New 3% Down Payment Mortgage

  • May 1st 2018

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

Freddie Mac Introduces New 3% Down Payment Mortgage: Figure 1
The path of mortgage rates since 2012.

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.

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.

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

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse