HomeReady Loan

Fannie Mae HomeReady Mortgage

Fannie Mae’s HomeReady mortgage is designed to help low- to moderate-income borrowers achieve homeownership with flexible down payment options, reduced mortgage insurance, and expanded income considerations.

Young family, first time home buyers

HomeReady Loan Features

  • NEW $2,500 Assistance Grant: Available to qualified buyers. Learn more
  • Low Down Payment: Finance up to 97% on a one-unit primary residence.
  • Flexible Sources of Funds: Down payment and closing costs can come from gifts, grants, Community Seconds®, and other eligible programs — no minimum borrower contribution required if all funds are from these sources.
  • Conventional Financing with MI: Reduced, cancellable* mortgage insurance compared to many low down payment options.
  • Homeownership Education: Required for at least one borrower if all occupying borrowers are first-time homebuyers or if nontraditional credit is used. Fannie Mae’s free HomeView® course satisfies this requirement.
  • Refinance Option: Available for purchase and no cash-out (rate-term) refinances only.
  • Property Types: One-unit primary residences (including condos, PUDs, and homes with an accessory dwelling unit).
  • Income Limits: Borrower income must not exceed 80% of the area median income (AMI) for the property location (check Fannie Mae’s AMI lookup tool).
  • Occupancy: Borrower must occupy the home as a primary residence.
  • First-Time Home buyer: At least one borrower must be a first-time homebuyer (no ownership interest in a residential property in the past 3 years) when applying for a purchase loan above 95% LTV.

Compare Home Possible, HomeReady and Home Possible Advantage

* restrictions apply

Let’s Talk

Contact a GMFS Mortgage Loan Officer today!

Get Started
Rating: 5 out of 5

John went above & beyond our expectations in securing our loan! Would highly recommend John & company to anyone looking for loan! thank you!

Janet G. Carthage – August 12, 2026
Rating: 4.5 out of 5

Always available if we had questions, and quick to respond

Savannah C. Baton Rouge – August 15, 2026
Rating: 5 out of 5

The team that I had the pleasure of working with was patience with me for well over a year; this process started in the state of Mississippi with Branch Manager Melisa McBride after a year of disappointments in not finding a home or property, she referred me to GFMS office…

The team that I had the pleasure of working with was patience with me for well over a year; this process started in the state of Mississippi with Branch Manager Melisa McBride after a year of disappointments in not finding a home or property, she referred me to GFMS office in Macon, GA. The Macon team (John, Lindsay, Lanie). My initial contact was Branch Mgr John Peterson. Although my house hunting took over a year, John and his team did not harass me about a timeline of finding a home, they left the communication open and how they would be available to assist me with any questions, issues or concerns. I really love the fact that GFMS did not pressure me to find a home. Everyone from MeLisa in Mississippi to John and his team in Georgia was very professional but most of all patient. Thank you everyone and may you all be truly bless!

Jo Anna C. Columbus – August 13, 2026
Rating: 5 out of 5

The team that I had the pleasure of working with was patience with me for well over a year; this process started in the state of Mississippi with Branch Manager Melisa McBride after a year of disappointments in not finding a home or property, she referred me to GFMS office in Macon, GA. The Macon team (John, Lindsay, Lanie). My initial contact was Branch Mgr John Peterson. Although my house hunting took over a year, John and his team did not harass me about a timeline of finding a home, they left the communication open and how they would be available to assist me with any questions, issues or concerns. I really love the fact that GFMS did not pressure me to find a home. Everyone from MeLisa in Mississippi to John and his team in Georgia was very professional but most of all patient. Thank you everyone and may you all be truly bless!

Jo Anna C. Columbus – August 13, 2026
Rating: 5 out of 5

Bryan was very helpful throughout the entire process and made it easy for a first time home buyer like myself.

Cameron L. Gonzales – August 12, 2026
Rating: 5 out of 5

The process was convenient and timely. I appreciated the patience througout the process.

Vadim T. Livingston – August 12, 2026

What Sets Us Apart

A Lender Who Cares

With GMFS Mortgage, you’re not just getting a loan—you’re getting a team that’s all in, every step of the way.

Apply Now

Established

Since 1999, we’ve helped over 150,000 people across 23 states become homeowners.

Efficient

Everything from processing to closing happens under one roof. That means fewer hiccups…and more high-fives.

Trusted

A+ BBB rating. Torch Award for Marketplace Trust. A reputation built on doing the right thing.

Experienced

Our team averages 14+ years in the industry—and a lifetime of showing up for our clients.

*Not a commitment to lend.  All loans subject to credit and property approval.  The following terms are for illustrative purposes only.  Rates, payments, and loans terms vary by consumer based on their individual qualifying information.   The payment amount illustrated does not include the amounts for taxes, property insurance, or mortgage insurance. 

Purchase PriceLoan AmountInterest RateAPRTerm
$239,000$227,0506.5%6.725%30