Fannie Mae HomeReady Mortgage
Fannie Mae HomeReady low-down payment mortgage is designed for creditworthy, low- to moderate-income borrowers.
HomeReady Loan Features
- Low down payment – Up to 97% financing for home purchase with many borrower flexibilities
- Flexible source of funds – can be used for your down payment and closing costs with no minimum contribution required from your own funds. With HomeReady, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and other approved programs – with no minimum personal funds required.
- Conventional home financing with cancellable* monthly Mortgage Insurance (MI) – helps you save money; reduced MI coverage requirement above 90% LTV supports competitive payments
- Homeownership education – helps you get ready to buy a home and be prepared for the responsibility of homeownership. The Freddie Mac required homeowner education training is available online from Framework http://www.frameworkhomeownership.org
- For purchase and Rate Term Refi only
- Primary residence only
- Borrowers cannot own other property
- HomeReady does NOT provide Cash on Hand
- Non-occupant co-borrowers are not allowed
* restrictions apply
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Ellen B. GMFS Mortgage Customer
Thursday February 21, 2019
Working with GMFS Mortgage was quick and easy – Kevin was very knowledgeable & we felt well-informed during our home-buying process. He was easy to talk to & was always available to answer questions thoroughly. Thanks for helping us purchase our first home! We’ll use GMFS Mortgage again in the future.
Katie L. GMFS Mortgage Customer
Wednesday February 20, 2019
GMFS Mortgage was great to work with! Super fast response time any time I had questions, which was a lot! Made first time home buying a wonderful experience!
Brittany C. GMFS Mortgage Customer
Tuesday February 19, 2019
James E. GMFS Mortgage Customer
Friday February 15, 2019
Ryan and his team were very helpful during this whole process. They were very informative and did everything they could to get me exactly what I wanted.. Anytime I became discouraged they made sure to let me know not to worry and that everything would work out. They kept me updated every step of the way, I couldn’t have asked for a better team. [Zillow reviews]
zuser201411220133092 GMFS Mortgage Customer
Friday February 15, 2019
Over 96,000 customers and $16.7 billion in residential mortgage funding in 23 states
Processing, underwriting, and closing under same roof means smooth & predictable closings
A+ rating with BBB and winner of Torch Award for Marketplace Trust
GMFS staff has an avg. of 14+ years of mortgage industry experience