HomeOne
Low down payment mortgage program that helps first-time and repeat homebuyers purchase a home with as little as 3% down.
| Product Features | |
|---|---|
| Borrower Eligibility/Borrower Profile | No borrower geographic or income limits. Homebuyer education required for purchase transactions when all borrowers are first-time homebuyers. |
| Credit Fees | Custom mortgage insurance coverage available with a credit fee. |
| Eligible Mortgage Products | Purchases and no cash-out refinances. Fixed rate mortgages only. |
| Maximum LTV Ratios | 97% maximum LTV/TLTV*/HTLTV ratios. *For HomeOne mortgages with Affordable Seconds®, the maximum TLTV ratio is 105% |
| Property Type/Eligible Properties | One-unit primary residence. |
| Mortgage Insurance | Standard 35% mortgage insurance coverage required for LTV ratios > 95%. |
* A First Time Buyer is an individual that has had no ownership interest in a residential property in the last 3 years. If both buyers are First Time Buyers, at least one of them must complete Home Buyer Education