Freddie Mac HomeOne
A fixed-rate Freddie Mac mortgage for qualified first-time buyers with a down payment as low as 3%. It has no borrower income or geographic restriction, but purchase transactions require at least one first-time buyer.
- Down payment
- Down payment as low as 3%; maximum 97% LTV and up to 105% TLTV with an Affordable Second.
- Credit context
- Freddie Mac underwriting rules apply; the public product page does not state one universal numeric credit-score floor, and lender overlays may be stricter.
- Income rules
- No borrower income limit or geographic income restriction.
- Mortgage insurance
- Confirm whether it applies, what it costs and when it can end with your lender.
Individual lenders set the interest rate, fees, mortgage-insurance treatment, and final approval requirements. Compare written Loan Estimates before choosing.
How repayment works
Your monthly housing payment usually includes principal and interest, and may also include property taxes, homeowners insurance, mortgage insurance, and association fees. Your lender’s written Loan Estimate and Closing Disclosure control the actual costs and terms.
A lower advertised down payment does not necessarily mean the lowest monthly payment or lowest total cost.
Who it may fit
A fixed-rate Freddie Mac mortgage for qualified first-time buyers with a down payment as low as 3%. It has no borrower income or geographic restriction, but purchase transactions require at least one first-time buyer.
These are situations worth exploring, not a qualification decision.
What could rule it out
- The issuing body does not impose an income cap.
- A first-time-buyer requirement applies: At least one borrower must be a first-time homebuyer for a purchase transaction.
Costs and terms to confirm
- Cash needed
- Down payment as low as 3%; maximum 97% LTV and up to 105% TLTV with an Affordable Second.
- Credit
- Freddie Mac underwriting rules apply; the public product page does not state one universal numeric credit-score floor, and lender overlays may be stricter.
- Income
- No borrower income limit or geographic income restriction.
Ask each lender for the interest rate, annual percentage rate, lender fees, mortgage insurance, cash to close, and total payment using the same assumptions.