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
- * restrictions apply
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
Does not provide Cash on Hand
Non-occupant co-borrowers are not allowed
Carrie exceeded all of my expectations! She has helped me every step of the way, during and after my first home purchase. I highly recommend using Carrie Sanders.
Brad G. GMFS Mortgage Customer
Thursday July 5, 2018
I had a great experience on my recent refi. Everything was smooth and quick. All your staff were very helpful and responded quickly to all my questions. Clayton was fabulous to deal with.
Justin M. GMFS Mortgage Customer
Sunday July 1, 2018
Clayton & Doug really went the extra mile & helped me close on my house fast. Without them, this deal wouldn’t have worked. Great work guys!
Jonathan H. GMFS Mortgage Customer
Friday June 29, 2018
Thanks for all your help with this long process, we are so happy in our perfect home.
Wayne T. GMFS Mortgage Customer
Tuesday June 26, 2018
Very professional and familiar with mortgage financing. Guaranteed interest rate and promised a one-time rate reduction if market rates went down. Timely review of loan application documents and delivery of loan pre-qualification letter. Familiar with other businesses related to home purchasing including insurance and escrow service. Smoothest home mortgage financing process we could have expected.
Rickie & Tammi G. GMFS Mortgage Customer
Monday June 25, 2018
Over 89,000 customers and $14.9 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