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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This was my first home purchase. I couldn’t have gotten through this process without the help from Ryan and team!! Highly recommended and appreciate all the help they provided for me.
Rita L. GMFS Mortgage Customer
Monday October 11, 2021
Nicole Faulk was my lender as a representative of GMFS Mortgage. Nicole made the home buying process seem effortless and I commend her and her team for being professional and prompt regarding my real estate purchase. I am a first time home buyer. Hopefully, I will be able to work with Nicole and her team again in the future.
Arthur R. GMFS Mortgage Customer
Wednesday September 29, 2021
April is amazing to work with! She is willing to help you along the way. I highly recommend her to anyone this was my first mortgage and she helped keep it from becoming overwhelming.
Jake H. GMFS Mortgage Customer
Tuesday September 28, 2021
Awesome Awesome Service. From start to finish!! Thank you Matt And Mr. Lydell. Bought my first home. Matt made it very very easy! Thank you Matt!!
Allen M. GMFS Mortgage Customer
Monday September 20, 2021
Stephanie Machado Barto and her team went above and beyond to get me close on my loan. Each person I spoke with was courteous and knowledgeable. I highly recommend GMFS and Stephanie and her team!
Kelly C. GMFS Mortgage Customer
Wednesday September 15, 2021
Over 130,000 customers and $24 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
*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.
|Loan Term||Down Payment||Annual Percentage Rate||Estimated Monthly Payment|
|30 year fixed rate||10% (90% LTV)||4.75%||$1,043|