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Freddie Mac’s HomeOne Mortgage Assists First-time Homebuyers to Buy a Home In Florida

The HomeOne loan program offers a low down payment option to qualified first-time homebuyers.  You can buy a home in Florida with as little as 3% down with no personal financial contribution.  To promote responsible lending, access to credit, and sustainable homeownership, Freddie Mac is dedicated to assisting first-time homebuyers with programs such as the HomeOne mortgage.

HomeOne Program Unique Advantages

The HomeOne loan program is similar to other low or no down payment options.  However, it has unique benefits to borrowers. The program does not limit the amount of borrower income.  It also does not have geographic restrictions that apply to the property being financed. Without these limitations, more people are eligible for the program.

We review the advantages and disadvantages of the HomeOne program below.  Your loan officer will help you determine if this program is right for you.

HomeOne Mortgage Program Pros

Low Down Payment Requirement
  • The HomeOne mortgage program requires a down payment of only 3% to buy a home.  It is even lower than FHA’s requirement of 3.5% down. Accumulating savings for a down payment is one of the biggest obstacles to homeownership.  This is one of the major benefits of a HomeOne mortgage.
No Personal Contribution Required from Borrower
  • You can combine funds from other sources and avoid making a personal contribution.  Many borrowers combine a HomeOne loan with gifts, closing cost grants, down payment assistance programs, employer programs, or qualified second mortgages.  The HomeOne program enables you to buy a home including the down payment, closing costs, and expenses for renovations with no money out-of-pocket.  This option makes buying a home a lot more affordable.
No Limit on Borrower Income
  • The HomeOne program does not impose income limits, which means all applicants are eligible, regardless of how much money they make.  The program opens up the possibility of homeownership to many more borrowers.
No Geographic Restrictions
  • Other low or no down payment programs place an income limit depending on the location of the property.  Or, require that the property being financed be located in a certain area.  The HomeOne program simplifies this requirement, making more properties accessible in more markets.
Borrower Reserves are Not Required
  • It’s a smart idea for you to save 3-6 months of housing expenses.  However, a HomeOne mortgage does not have any such requirements, which increases your chances to qualify for a home loan.

HomeOne Mortgage Program Cons

First-time Homebuyers Only
  • If you’re a first-time homebuyer, you’re in luck because you’ll qualify for a HomeOne loan.  At least one borrower is required to fall into this category.  Technically, you are a first-time homebuyer if you have not owned a home for at least two years.
Loan Amount Limits
  • The HomeOne program uses a conforming loan limit, which is $484,350 for a single-unit property.  Counties with higher housing costs that require higher loan limits are not allowed.
Private Mortgage Insurances (PMI) is Required
  • It is typical for low or no down payment programs to require borrowers to pay PMI when the down payment is less than 20 percent.  It is an expense you need to take into consideration.  We’ll be sure to provide you with precise numbers and help you decide how much to extend your monthly budget.
Borrowers with Non-Traditional Credit Profiles or no Credit Scores are not Eligible
  • If you have a limited credit history or don’t have a credit score, you won’t be eligible for the HomeOne program.  Low down payment programs like HomeReady or Home Possible allow the use of non-traditional credit profiles.
Single-unit Homes Only
  • Multi-unit properties, rental homes, or second homes are not eligible for a HomeOne mortgage.  Only a single-unit property that serves as the borrower’s primary residence qualifies.  This includes houses, condos, co-ops, and PUDs (planned unit developments).

How to Apply for a HomeOne Mortgage Program

Fourpath Mortgage is an approved mortgage broker for Freddie Mac’s HomeOne program.  We’ll review eligibility and qualification requirements to determine if this is a compatible loan option.  We shop around with different lenders to find the best mortgage terms.

Ready to find out if you can buy a home in Florida with a HomeOne loan program?

Our mortgage specialists are ready to evaluate your case and present you with the best mortgage options.  Buying a home in Florida can be made simpler with dedicated professionals working for you.

We promise to have your best interest at hand and find a loan that will contribute to your financial success.

Call us for a free consultation at 954-507-7553 or click on our contact form to get in touch with our team.