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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Customer Reviews
Ryan and his team gives exceptional service and guidance. I’d trust them again and again! Thanks Ryan!!!
Ryan Larussa and his entire team went above and beyond for my son. As a 19 year old first-time home buyer, he wasn’t sure what to expect. Ryan and his team answered questions and gave advice in terms he could understand! Not to mention, they got an RD loan to the closing table in 3 weeks. I am beyond grateful for this team!
Andrea was an absolute dream to work with during the recent purchase of our new home! From our first conversation to the closing table, she was always kind, knowledge, available, and professional! She is the best!
Seriously GMFS is the only place I would ever think of using for my mortgage needs. Paul Plaisance is amazing and really goes above and beyond. Paul and Christy really made getting my dream home a reality. Can not recommend them enough!
Couldn’t have asked for a better home buying experience. Seamless process with all being done online, all questions answered, and his team was available to me whenever I had questions. My go to from here on out!
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 |