What Replaced ONE+?
Home Possible®
3% down for moderate incomes
Freddie Mac's Home Possible® lets buyers earning up to 80% of area median income buy with 3% down and reduced mortgage insurance. It's the closest match to ONE+.
The ONE+ Mortgage
ONE+ Mortgage Alternatives with Low Down Payments
The ONE+ 1% down program is no longer offered. Home Possible® and down payment assistance can still get you in with very little down.
Low down payment options
Low down payment options
Low down payment options
Low down payment options
Low down payment options
Low down payment options
Low Down Payment Options
ONE+ has ended. These programs still let you buy with very little down.
Credit Score
Home Possible® and HomeReady® start at 620. FHA goes as low as 580.
Primary Residence
All of these programs are for a home you'll live in.
Debt Ratio
Most allow a debt-to-income ratio up to 50%, and FHA can go higher.
Income Limit
Home Possible® and HomeReady® require income at or below 80% of area median income. FHA has no income limit.
Seller Credits
Conventional loans allow 3% in seller credits with less than 10% down. FHA allows up to 6%.
Down Payment
3% with Home Possible®, 3.5% with FHA, or less out of pocket with down payment assistance.
Mortgage Insurance
Home Possible® and HomeReady® use reduced mortgage insurance coverage.
Loan Limit
$832,750 for Home Possible® and HomeReady®, and $541,287 for FHA in most counties.
Down payment assistance
Help covering your down payment
Chenoa Fund and HomeStart DPA pair with an FHA loan to cover the 3.5% down payment. In Texas, California, and Colorado, state programs add more options.
Lower monthly payments
Reduced mortgage insurance
Home Possible® and HomeReady® require less mortgage insurance coverage than a standard conventional loan, which keeps your monthly payment lower.
No income limits
FHA with 3.5% down
FHA loans allow 3.5% down with a 580 credit score and have no income limit. They're a good fit if you earn more than 80% of area median income.
How to Buy with Little Down
Compare your options
We compare Home Possible®, HomeReady®, FHA, and down payment assistance against your income and credit.
Get Pre-Approved
Submit your application and documents. Most pre-approvals happen the same day.
Make your offer
Shop with a pre-approval in hand, and we'll work with your agent from contract to close.
Close in 15 to 20 days
Any down payment assistance is applied at closing.
Do’s & Don'ts
Do
Do Check Eligibility
Ensure you meet income and credit score requirements before applying.
Do Save for Closing Costs
While the down payment is low, you’ll still need to budget for closing costs and other fees.
Do Plan for the Long-Term
Make sure you can afford monthly payments and long-term homeownership costs.
Don't
Don’t Skip the Pre-Approval
Get pre-approved to know how much you can borrow & avoid surprises.
Don’t Overstretch Your Budget
Buy within a budget you can comfortably afford.
Don’t Forget About Maintenance
Don’t overlook future costs like maintenance and taxes that impact your budget.
ONE+ Alternatives Compared
How today's low down payment loans compare.
Home Possible®
HomeReady®
FHA
Down Payment
3%
3%
3.5%
Credit Score Min
620+
620+
580+
Income Limit
80% of AMI
80% of AMI
No Limit
Loan Limit
$832,750
$832,750
$541,287
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Frequently asked questions
You’ve got questions, we’ve got answers
No. The ONE+ 1% down program has ended. Home Possible®, HomeReady®, FHA, and down payment assistance can still help you buy with very little down.
Home Possible® and HomeReady®. Both allow 3% down for buyers at or below 80% of area median income, with reduced mortgage insurance.
You may still qualify for an FHA loan with 3.5% down with a 580 credit score or higher. Altgage also helps with a rapid rescore to help boost your credit. If you don't immediately qualify, boosting your credit could help.
Yes. FHA loans can pair with Chenoa Fund or HomeStart DPA, and state programs in Texas, California, and Colorado offer more options. We'll check what you qualify for.
