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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Mr. Taravella displayed a welcoming / friendly personality from the beginning. He was kind and reassuring that he would do his best to help me get the home I wanted. Being a first time buyer with no real estate knowledge he was patient with me when I was confused and made sure I had clarity. His deamnor was perfect all the way through the process. I feel blessed to have had him as my loan officer and think GMFS is fortunate to have him as a representative of their company.
Sandra N. GMFS Mortgage Customer
Thursday February 25, 2021
Aaron was great to work with. He explained the process well since this was my first home buying experience.
Larry P. GMFS Mortgage Customer
Thursday February 25, 2021
Great group of people to work with, real Team players! Everyone I spoke with during my refinance was familiar with my case and provided clear and concise information. My refinance was completed within 30 days! I would highly recommend GMFS, Ryan Larussa and his team if you’re looking to buy or refinance a home.
Judy T. GMFS Mortgage Customer
Wednesday February 10, 2021
Ryan was very knowledgeable and helpful in my first home buying experience.
Brennan T. GMFS Mortgage Customer
Tuesday January 12, 2021
GMFS is the best lender out there. I am a realtor and use Stephanie Barto all the time in my business but I just used them for my personal Construction loan and WOW!!!!!! They blew me away with the customer service. 4 hurricanes and a pandemic and they made it happen for me with my draws and inspections. And they locked me in to my permanent loan 45 days in advance at the all time lowest rate, they just made the experience incredibly joyful. Wish I could give them 10 stars. Everyone at GMFS Lending does a fabulous job. Thank you so much GMFS.
Sandra D. GMFS Mortgage Customer
Thursday January 7, 2021
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