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
  • 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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Our avg. customer feedback rating = 4.8 stars! Experience for yourself why so many of our customers and partners refer GMFS Mortgage to their family, friends and clients!


Over 100,000 customers and $18 billion in residential mortgage funding in 23 states


Processing, underwriting, and closing under same roof means smooth & predictable closings


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GMFS staff has an avg. of 14+ years of mortgage industry experience