On July 29, 2018, Freddie Mac will launch HomeOne℠, which will have the same benefits and features* as our current Fannie Mae Conventional 3% Down Loan, as shown in the table below. HomeReady and Home Possible are also included for comparison.
| |
Fannie Mae Conventional 3% Down |
Freddie Mac HomeOne℠ |
Fannie Mae HomeReady® |
Freddie Mac HomePossible |
| Minimum Down Payment |
3% can be buyer's and/or gift funds |
3% can be buyer's and/or gift funds |
3% can be buyer's and/or gift funds |
3% can be buyer's and/or gift funds |
| Income and/or geographical restrictions |
No restrictions |
No restrictions |
Low to moderate income; expanded eligibility in designated low-income and minority areas |
Low to moderate income; expanded eligibility in designated low-income and minority areas |
| At least 1 borrower must be first-time homebuyer |
Yes |
Yes |
No |
No |
| Mortgage Insurance (MI) |
35% coverage |
35% coverage |
25% coverage |
25% coverage |
| Homebuyer education required for first-time homebuyers |
No |
Required for at least 1 qualifying borrower if all borrowers are first-time homebuyers |
Yes |
Required for at least 1 qualifying borrower if all borrowers are first-time homebuyers |
Other conditions and requirements apply.
*Only the homebuyer education requirement will vary.