Freddie Mac HomeOne® Mortgage in Washington State

Freddie Mac HomeOne® Mortgage in Washington State

The HomeOne® mortgage is a low down payment conventional loan program designed specifically for first-time homebuyers who want to purchase a primary residence with as little as 3% down.

Backed by Freddie Mac, HomeOne offers a simpler path to homeownership for buyers who have solid credit but limited savings — without the income limits found in some other low down payment programs.

This mortgage option is especially attractive to buyers in Seattle, King County, Pierce County, Snohomish County, and throughout Washington State, where affordability and long-term costs matter.

Update: This article reflects current HomeOne mortgage guidelines for 2026. Program features and eligibility requirements are subject to change and should always be confirmed.

What Is the HomeOne Mortgage?

HomeOne is a conventional mortgage program created by Freddie Mac to help first-time buyers enter the housing market with fewer barriers.

Unlike some other low-down-payment programs, HomeOne:

• Has no income limits
• Requires a 3% minimum down payment
• Is designed exclusively for first-time homebuyers
• Offers competitive interest rates

Because it’s a conventional loan, HomeOne can be a strong alternative to FHA financing for buyers who qualify.

Key Benefits of HomeOne®

✔ 3% Down Payment

• One of the lowest down payment options available for first-time buyers

✔ No Income Limits

• Unlike Home Possible or HomeReady, HomeOne does not cap income

✔ Conventional Loan Structure

• Mortgage insurance may be canceled once equity requirements are met

• Often viewed favorably in competitive offer situations

✔ Competitive Interest Rates

• Often comparable to standard conventional financing

✔ Gift Funds Allowed

• Gift funds from family members are permitted toward down payment and closing costs

Who Is HomeOne Best For?

HomeOne may be a great fit if you:

• Are a first-time homebuyer (at least one of the applicant’s must be a first time home buyer)
• Have limited down payment savings
• Earn income above typical low-income thresholds
• Want a conventional loan instead of FHA
• Are purchasing a primary residence

📌 First-time buyer generally means you have not owned a home in the past three years.

HomeOne Down Payment & Mortgage Insurance

• Minimum down payment: 3%
• Mortgage insurance: Required when putting less than 20% down
• MI cancellation: Possible once equity guidelines are met (unlike FHA in many cases)

Mortgage insurance costs and eligibility depend on credit profile and loan structure.

HomeOne vs Home Possible vs HomeReady (Quick Comparison)

HomeOne is often ideal for first-time buyers who earn too much for income-restricted programs but still want a low down payment option.

Property Types Allowed

HomeOne is intended for primary residences and may be used for:

• Single-family homes
• Condos (that meet conventional guidelines)
• Townhomes

Eligibility depends on property approval and underwriting requirements.

Homebuyer Education Requirement

At least one borrower must complete an approved homebuyer education course.

This course:

• Can typically be completed online
• Helps buyers understand the mortgage and homebuying process
• Often improves confidence when making offers

Can HomeOne be Combined with Down Payment Assistance?

Sometimes — but this depends on the specific assistance program.

HomeOne:

• Allows gift funds

• May allow certain down payment assistance programs, depending on their structure

Because HomeOne has no income limits, not all assistance programs will be compatible.

👉 (Internal link suggestion: Washington State Down Payment Assistance Programs)

How HomeOne Fits Into Washington Mortgage Programs

HomeOne is one of several low down payment mortgage options available in Washington State, alongside:

• HomeReady®
• Home Possible®
• FHA loans
• VA loans
• USDA rural loans

Choosing the right program depends on income, credit, down payment, property type, and long-term goals.

👉 View mortgage programs available in Washington State

Is HomeOne Right for You?

HomeOne can be an excellent option for first-time homebuyers — but it’s not one-size-fits-all.

I help Washington buyers compare HomeOne, Home Possible, HomeReady, FHA, VA, USDA, and down payment assistance strategies to determine the most practical and cost-effective path to homeownership.

👉 If you’re buying your first home in Washington State and want help comparing options, let’s take a closer look together.