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!
Swipe left to see more reviews
Customer Reviews
Mrs. Stephanie Chenevert was a lifesaver!
Throughout the purchase process she carried my husband and I from start to finish! She gave us advice and explained in detail every question we asked (even after hours)! She is truly heaven sent! She gave us reassurance when we ran into roadblocks (and there were many) BUT she got us through without losing hope . We couldn’t have made this purchase without her and thankful for this excellent experience.
Thank you GMFS for having such caring and dedicated team who will support their clients to the end.
We are proud first time homeowners of our dream home.
Thank you!
Ryan and company at GMFS are outstanding. Responsive, patient, and proactive. Can’t say enough about how easy they made the whole process of buying a home with our VA loan.
Jason Vick’s service is impeccable. We were referred by a family member and I am so glad we were. 5 out 5 all day long.
It will be a little difficult to express in words the over the top experience I just had with Doug, Caden, Shelby and the rest of the GMFS team. It was such an over the top experience. If I could give them 10 stars I would, 5 stars just doesn’t reflect the hometown Personal service we received. From the moment of pre approval to closing, I felt like we were their only customer. Caden was instrumental in putting options on the table, his skill set is an A+ in my book with Shelby’s document gathering and assembling of the package to Doug jumping in and getting some problem documents pushed through, they make an amazing team. Our house was destroyed during IDA and we just came through 2 years of really high stress levels and this team managed to help pull those levels down to 0. In my opinion GMFS is incredibly blessed to have this team on staff and I look forward to the next 15 years of loan servicing with this crew.
Thank you for your professionalism, dedication and flat out just being plain ole down to earth good people.
This experience was very streamlined & smooth! It could not have been any more convenient! We highly recommend Greg Price for your Loan or refinance needs!
Established
Over 150,000 customers and $30 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 |