With the tight inventory and rising interest rate, many home buyers in the Northern Virginia area of Fairfax & Loudoun county are feeling the stress of buying a home.
Freddie Mac announced its latest mortgage option called HomeOne for a 1st time home buyers. 3% down payment conventional loan with no geographic or income restrictions. This loan is eligible for single-family homes, including townhouses and condos. Also, applicants are required to participate in homeownership education to qualify for the mortgage.
While this loan program may Freddie Mac compete against conventional loans offered by large banks, credit unions and FHA loan program with 3.5% down payment. Compare and understand various loan program that may be the right fit for you. Ask about Mortgage insurance and other questions to understand the difference on various loan programs you may be eligible.
Contact your mortgage lender to understand if HomeOne Freddie Mac loan program is right for you!