HomeOne
HomeOne
The perfect solution for first-time home buyers, requiring only a 3% down payment.
- No Income Limits: Not necessary to meet a certain income limit to qualify
- No Geographic Limits: All locations in the US are eligible
- R&T Refinances Available: Lower your borrower’s monthly payment
HomeOne is a low down payment option that serves the needs of more first-time homebuyers, so that more people can realize the dream of homeownership, regardless of their income levels or geographic location.
ELIGIBILITY GUIDANCE:
- Purchases and R&T Refinances
- Homebuyer education required for purchase transactions when all borrowers are first-time homebuyers
- One-unit properties with fixed-rate financing only
- Standard 35% mortgage insurance coverage required for LTVs > 95%
- At least one borrower must be a first-time homebuyer*
*Per the Single-Family Seller/Servicer Guide, a first-time homebuyer is defined as an individual who meets all the following requirements: Is purchasing the mortgaged premises, will reside in the mortgaged premises as a primary residence, had no ownership interest (sole or joint) in a residential property during the three year period preceding the date of the purchase of the mortgaged premises.