![]() HomeOne opens the door for cash-strapped, younger home buyers with higher incomes to break into homeownership. While their income appears high “on paper,” their actual disposable income available to save for a down payment is limited. The former Freddie Mac program, Home Possible, required the applicant to either 1) make low-to-moderate income, 2) live in an underserved (and potentially undesirable) census tract, or 3) put down 5% to waive these restrictions. You can make as much money as you want, choose to live anywhere, and still be eligible for 3% down. The advantages of this program are clear. This could be the low-down-payment loan home buyers have been waiting for.Ĭompared to FHA loans, HomeOne may be a better fit for many buyers. HomeOne has NO geographic restrictions (you don’t have to buy in a low-income census tract)ĭespite fewer restrictions, the loan only requires a 3% down payment.It’s a big deal because restrictions applied to a the 3% down Home Possible program have been removed. But, surprisingly, no one is talking about it. The Freddie Mac HomeOne mortgage, a new 97 percent loan program, is now available. Ap5 min read New Freddie Mac HomeOne 3% down mortgage program
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