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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Ashley and Belinda were amazing and were very responsive with any questions that I had and took their time to explain things. They made my first time home buying process a breeze. Even when when we hit a little snag they got it taken care of. I would definitely recommend GMFS Mortgage for your home lending needs!
Tracy C. GMFS Mortgage Customer
Friday July 16, 2021
Had a great mortgage experience as a first time homebuyer. Appreciated the in house support GMFS offers.
Todd F. GMFS Mortgage Customer
Thursday July 15, 2021
The team at GMFS went above and beyond. My refinance was more complicated than most, but I never had to worry it would get done. John, Robin, and Carson were amazing throughout the entire process. 10/10!
Julie D. GMFS Mortgage Customer
Thursday July 15, 2021
Second time I’ve taken a mortgage with GMFS and it was awesome, again. Everyone is so nice and helpful and things went very, very smoothly. Particularly thankful that Susan at the Macon, Georgia office was my loan officer. I would highly recommend GMFS to anyone applying for a mortgage or a refi.
Chris M. GMFS Mortgage Customer
Tuesday July 13, 2021
Brandi was absolutely amazing through my whole experience. I bought my first home and she was very knowledgeable, making my experience much less stressful. Her services are VERY quick. I highly recommend using Brandi Lebas and gmfs for your next home!
Emma L. GMFS Mortgage Customer
Tuesday July 6, 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|