HomeReady Loan

Fannie Mae HomeReady Mortgage

Fannie Mae’s HomeReady mortgage is designed to help low- to moderate-income borrowers achieve homeownership with flexible down payment options, reduced mortgage insurance, and expanded income considerations.

Young family, first time home buyers

HomeReady Loan Features

  • NEW $2,500 Assistance Grant: Available to qualified buyers. Learn more
  • Low Down Payment: Finance up to 97% on a one-unit primary residence.
  • Flexible Sources of Funds: Down payment and closing costs can come from gifts, grants, Community Seconds®, and other eligible programs — no minimum borrower contribution required if all funds are from these sources.
  • Conventional Financing with MI: Reduced, cancellable* mortgage insurance compared to many low down payment options.
  • Homeownership Education: Required for at least one borrower if all occupying borrowers are first-time homebuyers or if nontraditional credit is used. Fannie Mae’s free HomeView® course satisfies this requirement.
  • Refinance Option: Available for purchase and no cash-out (rate-term) refinances only.
  • Property Types: One-unit primary residences (including condos, PUDs, and homes with an accessory dwelling unit).
  • Income Limits: Borrower income must not exceed 80% of the area median income (AMI) for the property location (check Fannie Mae’s AMI lookup tool).
  • Occupancy: Borrower must occupy the home as a primary residence.
  • First-Time Home buyer: At least one borrower must be a first-time homebuyer (no ownership interest in a residential property in the past 3 years) when applying for a purchase loan above 95% LTV.

Compare Home Possible, HomeReady and Home Possible Advantage

* restrictions apply

Let’s Talk

Contact a GMFS Mortgage Loan Officer today!

Get Started
Rating: 5 out of 5

Very professional and good communication I would highly recommend them to anyone.

Karl C.
Rating: 5 out of 5

All I can say is Will was great in helping us getting our nome We will never forget Will thank you Will

Jackie Faye W. Calera, AL
Rating: 5 out of 5

Josh is a great lender and awesome to work with!!

Stephanie M. Lacombe, LA
Rating: 5 out of 5

Ashley and her team are awesome! In spite of the issues we faced in our construction process, Ashley made sure we never had any worries about our loan. She was knowledgeable, professional, responsive and a true lifeline for us. We are forever grateful for the personal attention she gave us, and for always treating us like our business mattered. We highly recommend her to anyone building or buying a home. Customer service at its finest!

Donna T.
Rating: 5 out of 5

Ashley was great helped me out alot made the experience alot better than what I was dealing with

Dalton G.

What Sets Us Apart

A Lender Who Cares

With GMFS Mortgage, you’re not just getting a loan—you’re getting a team that’s all in, every step of the way.

Apply Now

Established

Since 1999, we’ve helped over 150,000 people across 23 states become homeowners.

Efficient

Everything from processing to closing happens under one roof. That means fewer hiccups…and more high-fives.

Trusted

A+ BBB rating. Torch Award for Marketplace Trust. A reputation built on doing the right thing.

Experienced

Our team averages 14+ years in the industry—and a lifetime of showing up for our clients.

*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. 

Purchase PriceLoan AmountInterest RateAPRTerm
$239,000$227,0506.5%6.725%30