HomeOne℠ mortgage is made available to qualified first-time homebuyers for a low down payment of just 3%.This low down payment option serves many first-time homebuyers’ needs, along with no cash-out refinance borrowers. Additionally, this program allows more first-time homebuyers to achieve the homeownership milestone, regardless of their income or geographic location. HomeOne℠ reflects a 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 by allowing both Affordable Seconds® and other secondary financings, the maximum being 105%
The HomeOne℠ program is ideal for:
- First-time buyers who plan to occupy the home as a primary residence
- All borrowers must occupy the mortgaged premises as a primary residence.
- Have had no ownership interest (sole or joint) in a residential property during the three years preceding the date of the purchase of the mortgaged premises.
- 1-unit properties, including condominiums and units in planned unit developments (no manufactured homes)
- Have limited cash for a down payment — but at least $1000.00
- 620 Min FICO Score without affordable seconds
- 640 Min FICO Score with affordable seconds
- 97% LTV / 105% TLTV (when secondary financing is an Affordable Second ) / 97% HTLTV.
- The standard required, or custom MI coverage levels for HomeOne℠ are 35% and 18%, respectively.