HomeOne - New First Time Home Buyer Program
Exciting NEW first time home buyer progam just announced!
The 3% down Conventional Loan Product count is now at 4 (as of 7/29/2018). The new kid on the block is a new 3% down Conventional loan product called HomeOne (phonetically pronounced “HOMERUN by Elmer Fud”). HomeOne is for First Time Homebuyers only. Below is a brief overview of who can use the now 4 different 3% down Conventional loan products available. Credit score must be 620 or higher for each of these programs.
3% DOWN CONVENTIONAL LOANS (as of 7/29/18)
- *NEW - HomeOne (Must be First Time Homebuyer & No Income cap rule)
- 3% Down (Must be First Time Homebuyer & No Income cap rule)
- HomePossible (Must make less than set income cap & no First Time Homebuyer Requirement)
- HomeReady (Must make less than set income cap & no First Time Homebuyer Requirement)
Each of the 4 products have different benefits. It’s important buyers are placed in the right loan based on their eligibility and the best loan terms available to them. For example, when someone is eligible for both HomeReady and HomeOne they are better served by HomeReady due to HomeReady having discounted mortgage insurance and interest rates (in most cases).
WHO IS NOT ELIGIBLE FOR A 3% DOWN CONVENTIONAL LOAN?
Borrowers are not eligible for any of the 3% down Conventional loans when:
- No one on the loan application is a first time homebuyer AND
- Income for all borrower(s) on the loan exceeds HomeReady and/or HomePossible caps (see hyperlinks above)
The next lowest down payment option for this borrower on a Conventional loan is 5%. It is exciting to see the mortgage market continue to open up (Freddie Mac was a little late to the party).
Contact me for guidance to find the best first tmie home buyer program for your situation today!
~Chad Hagenson email@example.com 602-570-1816