RD Guideline Changes Now in Affect
The Single Family Housing Guaranteed Loan Program (SFHGLP) has announced upcoming revisions to technical Handbook 1-3555, Chapter 9, Income Analysis; Chapter 10, Credit Analysis; and Chapter 16, Closing the Loan and Requesting the Guarantee. These changes are now in affect…
GMFS Schedule Changes for Friday 5/3
GMFS has a mandatory company function for all employees on the afternoon of Friday, April 28th in which our Lock Desk and Closing Department will be closed early. Please note the schedule below so that your loans are not affected….
New Product Announcement – VA Cash Out
Cash out up to 100% LTV now available on VA loans Total loan amount including funding fee cannot exceed 100% LTV This product is not serviced by GMFS and has different pricing and adjustments than standard VA cash out loans…
New E-Sign Closing Documents
GMFS is excited to announce the new capability for Loan Officers to e-Sign the final Uniform Residential Loan Application (URLA) as well as the HUD Addendum to the URLA. This will be effective on Hybrid closings only as of 3/15/2024. The…
Reminder: No Transcript? No Problem at GMFS!
We have updated our tax transcript policy! Updated GMFS Tax Transcript Policy – Flyer
HomeReady $2500 Credit
HomeReady Down Payment Assistance – $2,500 for borrowers! Make housing more accessible with $2,500 in down payment assistance for borrowers! With a low down payment and expanded financing flexibility, HomeReady offers an ideal mortgage solution for borrowers whether they’re first-time or…
New Electronic FHA Case# Request Form now available on the GMFS Portal
Benefits of New Electronic FHA Case # Request Form Eliminates the need for clients to download the FHA case assignment form from gmfspartners.com Allows for the FHA case assignment to be completed without duplicate data entry efforts resulting in more…
Update to FHA Overlay
GMFS is eliminating the guideline that limits the back-end DTI to 55% on FHA with AUS approval. *This impacts FHA loans with TOTAL Scorecard approval. This does not impact or change manual underwriting guidelines. Effective Immediately!
Temporary Buydowns Available
Buydowns are available on Conventional, FHA, VA, and USDA non-specialty 30 year fixed purchase loans. Options include: 3/2/1 ; 2/1 ;1/1 or 1/0 Not eligible on investment properties Minimum 640 FICO required on government loans Buydown funds must be paid…
HomeStyle Energy Mortgage
Now offering HomeStyle Energy Mortgage! This loan is designed for borrowers to make upgrades to reduce utility costs and improve the comfort and safety of their homes with protective improvements. May be used for upgrades to energy and water systems including…
Upcoming Fannie Changes to 2-4 Unit Properties
Fannie has announced LTV increases as high as 95% for 2-4 Unit Primary Residence properties. This update will be available for DU-approved loans for new and resubmitted casefiles on November 18, 2023. Fannie also announced self-employed borrowers may only be…
USDA Update
USDA recently announced changes for the Single Family Housing Guaranteed Loan Program. Notable changes include: Reserves: Current balance of most recent month statement is now accepted. Current Housing Payment: VOR is required for current housing payment if entered into GUS,…
UW Fee $999 Beginning October 1
The UW fee for all GMFS Agent loans submitted on Oct 1st 2023 or later will be $999. We appreciate your business and support! Questions? Contact us here.
Purchase Advantage by CAFA – Improvements on Conventional Loans
Partnering with CAFA in Louisiana, GMFS can now offer the Purchase Advantage to more borrowers! Conventional Loans Area Median Income (AMI) Can Now Go Up to 140% What does this mean for your Conventional Borrowers? No Freddie Loan Level Price…