eLEND TPO Products
Discover FHLMC HomeOne
Overview
Freddie Mac’s HomeOneSM program provides low-down payment financing for eligible borrowers without specific income or geographic restrictions, expanding the pool of applicants. Great for first-time homebuyers!
Basics & Benefits
- 10-, 15-, 20-, 25-, 30-year fixed rate
- Purchase, must be a first-time homebuyer
- No Cash-out refinance
Who is Eligible?
Eligibility will be determined by examining the borrowers’ income, assets, liabilities, and credit history and score, as well as the market value and condition of the property to be financed.
- Minimum FICO of 620
- 1-Unit Primary Residences only including:
- Condos
- PUDs
- CHOICEHome
- 97% LTV – purchase
- 95% LTV – no-cash out refinance
- Mortgage that is refinanced must be owned or securitized by Freddie Mac unless it has a secondary financing that is an affordable second
- Homeownership Education course required for purchase transactions. When all borrowers are first time homebuyers, at least one borrower must participate in homeownership education program (CredSmart Homebuyer U)
- Manufactured Housing not permitted
- Super confirming mortgages not permitted
See What’s Possible
Review program highlights, qualifications, and benefits before you get started.
