Effective August 23rd, 2023 the construction rate for OTC loans will be increased to 6.99% All OTC loans being disclosed on or after that date will need to reflect this change. Any loans that have been disclosed with the previous…
USDA RD 2023 Income Limits Rural Development has announced income limits for the Single Family Housing Guaranteed Loan Program NEW INCOME LIMITS ā *Other states may have different limits.Ā 1-4 People in the Household = $110,650 5-8 People in the…
Affordable Lending-Announcement
Are you giving your borrower the best rate and deal?Ā Donāt leave money on the table for your borrowers! What are the benefits? AMI Waiver on all loans submitted as HomeReady or Home Possible Lower MI than any other program…
On Monday, June 19th, the GMFS Lock Desk will be closed due to the Federal Reserve Banks observance of Juneteenth. No new locks will be accepted. The Lock Desk will resume normal business hours on Tuesday, June 20th. Reminders: ā¢…
Effective Friday, June 16th, GMFS is announcing an update to insurance requirements for property and flood insurance in conjunction with HUD and Agency guideline changes: All persons on title to the subject property are named insured on property and flood…
Have you taken a look at our Jumbo Express Loan product? $726,201 ā $3,000,000Ā ARM Programs as low as $400,000 Purchase, Rate & Term Refinance, Cash-Out Refinance Primary Residence, 2nd Homes Investment Properties 15 or 30 Year Fixed Rate Up…
GMFS is excited to share the latest news from the FHFA. The Federal Housing Finance Agency (FHFA) announced today, May 10, 2023, that it has rescinded the upfront fees based on borrowersā DTI ratios for loans acquired by Fannie Mae…
Effective with applications taken on or after March 1, 2023, the new Supplemental Consumer Information Form must be included with the Uniform Residential Loan Application. The form requests details concerning the consumer’s participation in a homeownership counseling or housing counseling…
GMFS will adopt the new LLPA adjustments for new locks with lock periods of 45 days and longer beginning tomorrow, February 9th. Lock periods of 60 days and longer are once again available. Lock periods of 30 days or less…
Lender Paid Buydowns for your borrowers on Conventional Conforming Fixed Rate Loans now available! Optimal Blue has a new field to help price the loans properly; Buydown Contributor. The Buydown Contributor will default toĀ āSellerāĀ * in the Optimal Blue system. As…
AMI LLPA Waiver for Freddie and Fannie As you may be aware, Freddie and Fannie announced in November a pricing enhancement targeted at First Time Home Buyers who have a total qualifying income at or below the Area Median Income…
Affordable Lending-Announcement
GMFS will waive all Investor LLPAs on Conventional loans if the loan meets the below requirements. First Time Homebuyers: ā¢ Any borrower on the loan is a first time homebuyer ā¢ Qualifying Income based on the Area Median Income is…
FHA Has Updated Their Loan Limits for 2023 – $472,030 In most areas of the country, FHA will increase its loan limit ceiling from $420,680 to $472,030. New loan limits may be used with applications immediately, however: FHA Loans must…
New 2023 Conventional Loan Limits – $726,200 New 1-unit limit $726,200 in most of the United StatesĀ Applies to standard Fannie Mae and Freddie Mac eligible programs DU Approve/Ineligible or LPA Accept/Ineligible for loan amount only is required No change…