Coming Soon: Freddie Mac’s HomeOne Mortgage Program

Later next month, Freddie Mac will be offering a new program for first time home buyers. This mortgage program offers low down payment options without the income limit or geographic restrictions that Home Possible has.

HomeOne will be available for both purchases and rate-term refinances on single family dwellings. At least one borrower on the application must be a first time home buyer when the transaction is a purchase and home buyer education is required.

Here’s more info:

  • Available for “true conforming” loan amounts only (not high balance loan amounts). This year, 2018, the conforming loan limit is $453,100.
  • Owner occupied/primary residences only.
  • One borrower must be a first time home buyer. A first time home buyer is defined as someone who has not had an ownership interest in a residential property for three years.
  • A displaced homemaker or single parent may be considered a first time home buyer if they only had an ownership interest in a marital residence with a spouse. If they jointly owned a second home or investment property within the last three years, they may not be considered a first time home buyer.
  • Property types allowed include 1-unit single family homes, town-homes and condominiums. Manufactured homes are not allowed for this program.
  • Private mortgage insurance is required for loan to values over 80%. The private mortgage insurance will be at a standard rate vs. a discounted rate as you would find with Home Possible or Home Ready.

HomeOne looks to be a great option for home buyers who are shy on funds for down payment and who have too much income to qualify in the area they want buy their home in. It will be interesting to see how the pricing compares to FHA mortgages out once this program is “live”.  FHA will remain an advantage with higher loan amounts where “high balance” is available (such as the greater Seattle area), when a borrower needs a lower down payment option.

If I can help you with your home purchase or refinance for homes located anywhere in Washington state, where I’m licensed, please contact me!

eBook: Your First Home Mortgage

I have just updated my guide on how to finance your first home.

If you’re thinking about buying a home located anywhere in Washington state, even if it’s a couple years away, I am happy to help you! You really cannot start the preapproval process too soon. If I can help you, please contact me.

Fannie Mae increases income limits for HomeReady

iStock_000009450603SmallFannie Mae will be increasing the income limits for HomeReady effective July 16, 2016 making it easier for more people to qualify for this mortgage program. [Read more…]

UPDATED: First Time Home Buyers Guidebook

I have just updated the e-book that I wrote for first time home buyers.

Please feel free to share it with anyone you know who is considering buying a home in Washington state.

Fannie Mae offering Home Buyer Incentives

mortgageporterraiseFannie Mae is offering first time home buyers up to 3% towards closing cost when they purchase a Fannie Mae HomePath property. On a $300,000 home, 3% would be up to $9,000 towards allowable closing cost!  A Fannie Mae HomePath property is a home that Fannie Mae has foreclosed on and now owns.

[Read more…]

Washington State Down Payment Assistance Programs and Grants

2013-03-07_0746Washington State home buyers have several various down payment assistance programs available and they’re not just limited to first time home buyers.  These funds can go towards closing cost and the down payment of primary residence.

Here’s an updated list of what I have available.

[Read more…]

The FHA HAWK Program for Homebuyers

Osprey_muralA few weeks ago, HUD announced a new program created for first time home buyers which rewards them with reduced mortgage insurance premiums after they participate in home buyer education and one-on-one housing counseling. HAWK or Homeowners Armed with Knowledge is a pilot program set be released in two phases on a limited basis.

[Read more…]

More options for Washington home buyers

Yesterday I was “in class” at the Washington State Housing Finance Commission learning about programs they have to offer Washington home buyers, including down payment assistance programs.

In order to obtain the down payment assistance, you must use a WSHFC first mortgage product, which includes:

The first mortgages may be FHA, USDA, VA or conventional mortgages with private mortgage insurance.

The down payment assistance (DPA) is in the form of a second mortgage that have specific criteria home buyers must meet to qualify.

  • Home Advantage DPA has an income limit of $97,000 and does not have a “needs assessment”.
  • Commissioned Second Mortgage works with the House Key Opportunity and is available to home buyers with special needs.

Home buyers interested in either program must attend a 5 hour class in order to qualify for these programs. While at class yesterday, I also received training to be a “Commission trained instructor”.

Watch for more details to follow soon!