HomeOne® Mortgage (Freddie Mac)
The HomeOne® mortgage is a low down payment conventional loan designed specifically for first-time homebuyers who want to purchase a primary residence with minimal upfront cash — without income limits.
Backed by Freddie Mac, HomeOne allows qualified buyers in Washington State to buy a home with as little as 3% down, making it an appealing option for buyers who earn too much for income-restricted programs but still want a low down payment alternative to FHA.
This program is especially useful in higher-cost areas like Seattle, King County, Pierce County, and Snohomish County, where affordability and long-term costs matter.
Why buyers choose HomeOne
- 3% minimum down payment
- No income limits
- Conventional loan structure
- Mortgage insurance can be canceled once equity guidelines are met
- Gift funds allowed
- Competitive interest rates in many market conditions
Who HomeOne works best for
- First-time homebuyers (no ownership in the last 3 years). NOTE: Only one of home buyers on the application need to be a first-time homebuyer.
- Buyers with limited down payment savings
- Buyers whose income exceeds HomeReady or Home Possible limits
- Buyers who want a conventional loan instead of FHA
- Buyers purchasing a primary residence
HomeOne compared to other low down payment options
HomeOne is often compared with:
- HomeReady® (income limits apply)
- Home Possible® (income limits apply)
- FHA loans (higher lifetime mortgage insurance costs)
For many first-time buyers with solid income and credit, HomeOne offers a simpler, lower-cost path over time.
How HomeOne fits into Washington mortgage programs
HomeOne is one of several mortgage programs available to Washington homebuyers. Choosing the right option depends on income, credit, down payment, property type, and long-term goals.
👉 Learn more about the HomeOne® mortgage in Washington State
👉Other available mortgage programs for homes in Washington State
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