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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Because of GMFS Mortgage, I just closed on my first home! The staff was patient, kind, and worked with me with obtaining documents. I literally signed requested forms online and that was awesome for me because I never had to leave work. They found the best loan for me, and my monthly mortgage is such an incredible, affordable Blessing. Absolute five star company.
Ginger G. GMFS Mortgage Customer
Wednesday April 13, 2022
Professional and Friendly. Kept us informed all the way through the refinancing process!
Jerry T. GMFS Mortgage Customer
Tuesday March 22, 2022
April, was super helpful and engaging through the entire home buying process. Even through the rough parts she helped us out tremendously to close on our first home! Thanks April!
Nick L. GMFS Mortgage Customer
Tuesday March 8, 2022
Aaron, Erin, Ross, and the entire team were very helpful through the daunting task of purchasing a home. They were always willing to offer help and guidance. I will be using them again in the next few months.
Daniel H. GMFS Mortgage Customer
Monday March 7, 2022
GMFS team are the best. Ryan was my go to person. He made everything seem so easy. He was always available to answer any questions and he explained everything so I understood. He was my loan officer for the purchase and refinance. I would highly recommend Ryan and his team to anyone who’s looking to buy or refinance!
Gloria T. GMFS Mortgage Customer
Saturday March 5, 2022
Over 140,000 customers and $27 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|