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

Contact a GMFS Mortgage Loan Officer today!

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WHY GMFS MORTGAGE?

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!

Established

Over 130,000 customers and $24 billion in residential mortgage funding in 23 states

Efficient

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

Trusted

A+ rating with BBB and winner of Torch Award for Marketplace Trust

Experienced

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