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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Michelle was very professional throughout entire process. Being a first time homebuyer I didn’t know what to expect but she made my experience stress free. I would highly recommend. Thanks
Anita B. GMFS Mortgage Customer
Thursday November 26, 2020
The refi went smoothly and quickly. I would recommend them to friends and family.
Kurt A. GMFS Mortgage Customer
Friday November 13, 2020
Great experience. The refinancing process was quick and painless with our representative working to gain the best terms. Very personalized experience.
Carl F. GMFS Mortgage Customer
Tuesday November 10, 2020
GMFS made the refinancing of our home go so smooth. Trey Haidet handled everything for us and made the whole situation go so smooth. Mr. George was very nice and made closing convenient and efficient. Highly recommend!
Chase Z. GMFS Mortgage Customer
Thursday November 5, 2020
We recently refinanced our home to a lower interest rate with GMFS and it was a total breeze! The interest rate we received from them was low. The rep handling our account made the process very simple. All initial paperwork was done electronically- piece of cake!
Deanna M. GMFS Mortgage Customer
Monday November 2, 2020
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
A+ rating with BBB and winner of Torch Award for Marketplace Trust
GMFS staff has an avg. of 14+ years of mortgage industry experience