HomeOneSM is a Freddie Mac loan program designed for qualified first-time homebuyers. It also helps current homeowners looking for a no cash-out refinance, also known as a rate/term refinance. HomeOneSM allows for a rate / term refinance transaction if the existing loan being refinanced is owned (securitized) by Freddie Mac. HomeOneSM only requires a 3% down payment, and you’re not limited to a traditional, single-family residence.