Freddie Mac's HomeOne Mortgage: Florida First-Time Home Buyers Guide
Updated: Aug 20
Freddie Mac HomeOne Mortgage is a special program aimed at making homeownership easier for first-time buyers. It offers low down payments and flexible qualifications, helping more people achieve the dream of owning a home. Bennett Capital Partners Mortgage offers this program only in Florida, providing substantial financial benefits with no income restrictions.
The purpose of the HomeOne mortgage is to support responsible lending and sustainable homeownership for Floridians. This blog will guide you through all you need to know about Freddie Mac's HomeOne loan, from eligibility requirements to application steps.
Ready to learn more?
Key Takeaways
✅ The Freddie Mac HomeOne Mortgage is created for first-time homebuyers and does not have income limits, making it accessible to a wide range of Floridians.
✅ This mortgage program allows you to buy a home with as little as 3% down payment, significantly lower than the traditional requirement of 20%.
✅ To qualify for the loan, applicants need a suitable credit score and must meet specific debt-to-income ratio requirements; higher DTI ratios may lead to extra fees.
✅ First-time buyers applying alone must complete a mandatory homeownership education course aimed at teaching essential financial management skills.
✅ Bennett Capital Partners Mortgage offers personalized services and expertise in handling the HomeOne Mortgage process from application to closing.
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Eligibility Requirements for Floridian Homebuyers
To qualify, you must be a first-time homebuyer or not have owned a home in the past three years.
First-time homebuyer status
A first-time homebuyer under the Freddie Mac HomeOne Mortgage program means someone who hasn't owned a residential property in the last three years. This status is crucial for eligibility.
At least one borrower must meet this criterion to qualify for HomeOne loans.
All borrowers must use the house as their primary residence. Eligible properties include single-family homes, planned unit developments, and condos. Completing a homebuyer education course is mandatory for those purchasing alone as first-time buyers.
This requirement helps educate them on managing mortgages effectively.
Income and credit qualifications
Freddie Mac HomeOne® loans have no income limits for borrowers. This makes them accessible to many Floridians, regardless of earnings. A usable credit score is required for at least one borrower on the loan.
An applicant needs a debt-to-income ratio (DTI) that does not exceed 45%. High-DTI loans above 40% might incur higher interest rates or additional closing fees.
For example, if your DTI ratio hits 43%, expect fees ranging from 0.25% to 0.375% based on the loan amount. Residents in areas like Miami may find this useful as it offers flexibility without geographic restrictions or high-income thresholds—ideal for first-time homebuyers aiming to secure their dream home with fewer financial hurdles!
"Thanks to Bennett Capital Partners and the HomeOne Mortgage program, I was able to purchase my first home with just a 3% down payment. The team guided me through every step, making the process seamless and stress-free." - Maria S., Miami, FL
📞 Give Us A Call Today 1-800-457-9057
Key Benefits of the HomeOne Mortgage for Floridians
HomeOne Mortgage offers great benefits for Floridians. One key advantage is the option to buy a home with just 3% down... making it easier for many to qualify!
Low down payment options
A low down payment of just 3% is required for the HomeOne Mortgage, making it easier for many Floridians to buy a home. Compare this with traditional mortgage options that usually demand at least a 20% down payment—saving up becomes much less challenging.
This program also allows an impressive loan-to-value (LTV) ratio of 97%, which means eligible buyers can finance most of their home's value.
There are no income limits, meaning more people qualify regardless of their earnings. The maximum total loan-to-value (TLTV) goes up to 105% if certain financing conditions are met.
For LTVs over 95%, standard mortgage insurance coverage of 35% is required, ensuring buyers still have some protection without steep upfront costs.
No income restrictions
The HomeOne mortgage program has no income limits for applicants, making it an appealing choice for many Floridians. This feature allows individuals with varying income levels to qualify for the loan.
High-income earners and those with lower incomes can benefit from this flexibility.
This lack of restrictions means more people can access homeownership without worrying about median income thresholds. Every eligible buyer, including first-time buyers and seasoned investors, can take advantage of the favorable terms provided by Freddie Mac’s HomeOne.
Low down payments coupled with a maximum loan-to-value ratio of 97% make it easier to purchase a home despite financial disparities among borrowers. The absence of stringent income constraints provides a broader range of opportunities in Florida’s diverse real estate market.
Understanding the Application Process in Florida
The application process for a HomeOne mortgage in Florida is straightforward. First, gather the necessary documents and prepare to meet with a loan officer.
Steps to apply
Applying for the Freddie Mac HomeOne Mortgage can seem complex, but with the right steps, it becomes manageable. Follow this step-by-step guide to ensure a smooth process.
Understanding these steps will help guide your journey through Florida’s application process for a Freddie Mac HomeOne Mortgage.
Required homeownership education
Freddie Mac requires that at least one borrower completes a homeownership education program for first-time homebuyer transactions. These courses cover key topics like budgeting, understanding credit scores, and the mortgage process.
They aim to equip future homeowners with essential skills for managing their finances and maintaining their homes.
In Florida, prospective buyers can access these programs online or through in-person classes offered by approved agencies. Freddie Mac provides resources and training tools to support lenders and borrowers throughout this educational journey.
Completing this education meets loan requirements and prepares buyers for successful homeownership.
"The homeownership education course provided invaluable insights into managing our finances and mortgage. We felt fully prepared and confident throughout the buying process, thanks to the dedicated team at Bennett Capital Partners." - David L., Tampa, FL
📞 Give Us A Call Today 1-800-457-9057
Bennett Capital Partners Mortgage
Choosing a mortgage lender can be stressful. Bennett Capital Partners Mortgage makes the rocess smooth and easy.
Their experienced team knows all about the Freddie Mac HomeOne Loan program. They guide you every step of the way to secure your dream home.
Reach out to them today for top-notch mortgage services in Florida!
Why Choose Bennett Capital Partners Mortgage?
Bennett Capital Partners Mortgage specializes in real estate financing in Miami. They offer personalized mortgage solutions customized to each client's needs. With over 20 years of experience, their team knows the ins and outs of various financial institutions like wholesale mortgage lenders, private lenders, and banks.
Their services include up to 97% Loan-to-Value ratio and even up to 105% for certain secondary financing. First-time homebuyers can benefit from mandatory education programs that prepare them for successful property ownership.
Bennett Capital also provides access to resources and training from Freddie Mac, ensuring efficient and top-tier service every step of the way.
Contact Bennett Capital Partners Mortgage
At Bennett Capital Partners Mortgage, getting in touch is easy and straightforward. Located at 1101 Brickell Ave, Suite 800, Miami, FL 33131, they are ready to assist you with any home loan needs.
Call them directly at 800-457-9057 or send an email to info@bcpmortgage.com for quick responses.
Their team has over 20 years of experience in real estate financing. Clients benefit from expert guidance through every step of the mortgage process – whether you're a first-time homebuyer or seasoned investor.
Reach out today for customized solutions that meet your specific requirements and help manage closing costs effectively!
Conclusion
Freddie Mac HomeOne Mortgage offers incredible benefits for Florida homebuyers, especially first-time buyers. With a low down payment and no income restrictions, the program is accessible to many.
Bennett Capital Partners Mortgage can help you through every step of the process. Reach out today to start your journey toward owning that dream home!
FAQs
What is the HomeOne mortgage program?
The HomeOne mortgage program by Freddie Mac offers a conventional loan option for first-time home buyers. It helps with payment and closing costs.
Who can qualify for a HomeOne mortgage loan?
First-time home buyers who meet certain eligibility requirements, including income limits and credit score standards, can qualify for a HomeOne mortgage loan.
Are there any cons of a HomeOne mortgage?
Yes, one con is that you might need to pay private mortgage insurance if your loan-to-value ratio is high.
How does the HomeOne program compare to other loans like FHA or VA loans?
Unlike FHA or VA loans, the HomeOne program allows more flexible requirements but requires owner-occupancy and may have higher payment obligations.
Can I use a HomeOne loan for refinancing my existing home?
Yes, you can use the Freddie Mac’s HomeOne program for cash-out refinancing under specific conditions set by lenders.
What are some alternatives to the HomeOne mortgage loan?
Alternatives include Fannie Mae's Homeready® and Freddie Mac’s own programs like the Home Possible® which also offer competitive rates and different eligibility criteria.
Philip Bennett
Philip is the owner and principal mortgage broker at Bennett Capital Partners, Business NMLS# 2046828. He earned his degree in Accounting and Finance from Binghamton University and holds a Master's Degree in Finance from NOVA Southeastern University. With over 20 years of experience in the mortgage industry, Philip has been a leader in his field and has personally originated over $2 billion in residential and commercial mortgages.
Learn more about Philip Bennett's background and experience on our Founder's page. Whether you're a first-time homebuyer or a seasoned real estate investor, our team is here to help you achieve your real estate goals. Don't wait any longer; contact us today and let us help you find the right mortgage for your needs.
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