813.910.8020 Apply Now

Mortgage Broker Tampa, FL | Mortgage Lender Tampa Florida | Marimark Mortgage

  • Home
  • Homebuyers
  • Homeowners
  • Realtors
  • Investors
  • About Marimark
  • Contact Us
  • Mortgages
  • Apply Now
  • Current Mortgage Rates
  • Calculators
  • Testimonials
  • Blog
  • Videos
  • Featured In
Home / Blog / Mortgages / Freddie Mac’s HomeOne Mortgage: 3% Down, Fewer Restrictions

Freddie Mac’s HomeOne Mortgage: 3% Down, Fewer Restrictions

August 29, 2019 By Admin

Freddie Mac’s HomeOne MortgageFinding the right mortgage product can be difficult, especially if you’re a first-time buyer. In fact, it’s easy to become disillusioned with the idea of buying a property, or thinking you’ll never be able to afford a home. A good solution for first-time homebuyers may be the HomeOne Mortgage by Freddie Mac. With just 3% down and fewer restrictions on household income, it may be the perfect mortgage option for some first-time buyers.

Suggested: Freddie Mac HomeOne

What is the HomeOne Mortgage?

If you’re a struggling first-time homebuyer, the HomeOne Mortgage is a potential solution. It’s similar to the Home Possible program, but it has fewer restrictions.

According to Freddie Mac:

  • “HomeOne℠ reflects our dedication to responsible lending, sustainable homeownership and improving access to credit.
  • With more flexibility for maximum financing, HomeOne℠ provides expanded opportunity and greater certainty to bring more borrowers to the closing table.”

 In a nutshell, that’s what the HomeOne program is all about. It provides improved access to credit for homebuyers with more flexibility for maximum financing.

What makes the HomeOne Mortgage so appealing?

Of course, the 3% down payment is extremely appealing for homebuyers who have long dreamed of homeownership. Also, a HomeOne mortgage has fewer restrictions than many other mortgages.

  • The HomeOne Mortgage has no borrower geographic or income limits.
  • Private Mortgage Insurance (PMI) can be canceled once the loan balance reaches 78% of the home’s value.
  • You can obtain a lower monthly PMI payment than with FHA with a good credit score.

HomeOne Mortgage: Perfect for First-Time Homebuyers

The HomeOne mortgage is perfect for first-time homebuyers. If a couple is buying the home, only one has to qualify as a first-time buyer, which is defined as someone who has not owned a home in the past 3 years.

It can also be a perfect solution for young professionals and others who would like to own a home but have had difficulty saving for a down payment and closing costs because of high living costs.

What are the restrictions and eligibility requirements?

Though a HomeOne mortgage has fewer restrictions than many other mortgage products, there are restrictions and eligibility requirements.

In order to qualify, you must meet FreddieMac’s lender guidelines. In brief:

  • At least one borrower must be a first-time homebuyer.
  • You must have a 3% minimum down payment.
  • At least one borrower on the transaction must have a usable Credit Score (620 or higher).
  • Eligible properties include 1-unit properties, including condominiums and units in Planned Unit Developments.

Are there any downsides to the HomeOne Mortgage?

Like any mortgage product, the HomeOne has its disadvantages but they are fairly minimal when compared to the benefits.

  • If both parties buying the home are first-time buyers, they are required to complete Homebuyer Education. Also, PMI is required for this mortgage if the loan value is more than 78% of the home’s value.

All in all, though, the HomeOne mortgage is a very good product that can help many homebuyers, who may not be able to otherwise purchase a home.

Marimark Mortgage

Marimark Mortgage is based in Tampa, Florida and serves the mortgage needs of homebuyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.

We specialize in conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.

To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application, or contact us direct.

Opt In Image
Stay Informed, It's Your Money
Marimark Mortgage Newsletter

The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances.

We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.

Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients.

Thank you for signing up!

Filed Under: Mortgages

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

Save with a Mortgage from Marimark

Whether you are buying a home or refinancing, you can save with a mortgage from Marimark Mortgage!

    Search

    Post Categories

    Testimonials

    Refinancing with Mary an absolute pleasure

     
    Refinancing with Mary has been an absolute pleasure. I have never been through the process before and she took the time to explain each step. She was prompt (had a rate locked in right away) and most importantly always answered the phone or emails almost immediately! The communication line alone made the refinancing process every bit worth it. Would recommend to anyone, and will be back for any future purchases! Bret Brennan, March 2021
    See More Reviews
    Marimark Mortgage LLC
    5327 Primrose Lake Circle
    Tampa, FL 33647-1328
    (813) 910-8020
    (866) 910-8020

    Accessibility
    Privacy Policy
    Terms of Service
    Sitemap

    Reviews

    Website Testimonials
    Google Reviews
    Zillow Reviews
    Trulia Reviews
    Facebook Reviews
    Yelp Reviews
    BBB A+ Rating

    FOLLOW US

    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    Marimark Mortgage is a BBB A+ Accredited Business

    Recent Posts

    • FHA Announced a 30-Basis Point Reduction to Annual Mortgage Insurance Premiums
    • How Can You Improve Your Credit Score?
    • Historical Mortgage Rates From The 1970s
    • What You Need to Know About Mortgage Forbearance
    • Top Tips to Save Money for a Down Payment

    © 2023 Marimark Mortgage, LLC All Rights Reserved. | Internet Marketing by Image Building Media. | RSS Feed

    Reviews / Recommendations: Google, Zillow, Trulia, LinkedIn, Facebook, Yelp, BBB

    Licensed in Florida by the Office of Financial Regulation, Mortgage Lender License #MLD77.
    Licensed in Virginia by the Virginia State Corporation Commission, License MC#4556.
    Licensed in Pennsylvania by the Department of Banking and Securities, License #40222.
    NMLS#248318 – www.nmlsconsumeraccess.org.