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

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Contact a GMFS Mortgage Loan Officer today!

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Rating: 5 out of 5

Ashley Neely was very informative and very helpful during our buying process. Her diligence to help us purchase our first home, was very welcoming. My family and I thank Ms. Neely and the staff for their hard work! God Bless!

Jonathan B.
Rating: 5 out of 5

GMFS–Ashley especially–have been easy to do business with. From the very beginning of the mortgage process to the present, she has been there to answer questions and support our mortgage.

Kyle K.
Rating: 5 out of 5

Ashley and her team at GMFS are amazing to work with. They made our first time home buying experience easy and memorable. Ashley was super knowledgeable and professional, she answered every question and kept us informed while dealing with 2 hurricanes. We are so grateful for her and her team and hope to work together again in the future!

Zack L.
Rating: 5 out of 5

I was really pleased Ms Ashley really did a great job

terrance s.
Rating: 5 out of 5

All I can say is Will was great in helping us getting our nome We will never forget Will thank you Will

Jackie Faye W. Calera, AL

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.

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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