Fannie Mae and Freddie Mac recently announced updates to Loan Level Price Adjusters (LLPA) that will apply to Home Possible & HomeReady Products as well as Cash-Out Refinances. GMFS has adopted LLPA changes consistent with the GSE updates as of…
2/1 Temporary Buydowns on Government Products Now Available! GMFS is now offering 2/1 Buydowns onĀ Government Products including FHA, VA and USDA. Use seller paid funds to lower the borrower’s payment for the first two years. Example scenario: Borrower locks…
GMFS is excited to announce another great product for your builder partners! Use seller paid funds to lower the borrower’s payment for the first two years. Available on Conventional products only at this time. Example scenario: Borrower locks in a…
We are proud to be ranked by USDAās Top Guaranteed Rural Housing Lenders National and State Rankings! For a complete list of USDA’s rankings, click here. To learn more about USDA loans, click here.
Help more borrowers with GMFS Expanded Product Line GMFS has all the Tools you need at your finger tips! Learn more about all of the Expanded Products and Features GMFS Expanded Underwriting Guidelines ā Gives you the full set of…
New USDA RD 2022 Income Limits Rural Development has announced income limits for the Single Family Housing Guaranteed Loan Program have been updated for Fiscal Year 2022. NEW INCOME LIMITS – *Other states may have different limits.Ā 1-4 People…
GMFS is honored to be ranked as a Scotsman Guide Top Mortgage Lenders! GMFS ranks #1 Mortgage Lender in Louisiana, #63 overall GMFS Correspondent ranks #1 in Louisiana, Ā #19 overall GMFS Wholesale ranks #1 in Louisiana, #25 overall Scotsman Guideās…
Expanded Prime Now Available These products will allow for a greater range of borrowers that may not be eligible for traditional conventional loans. These expand a borrowerās ability to qualify for a loan with various specialty situation especially self-employed borrowers…
GMFS is now offering FHA & VA down to 600. Please consider the following additional guidelines: Additional Requirements for FHA between 600-619 Must have DU Approve/Eligible findings No Rent Free borrowers allowed Verification of rental history is required. Must be…
Purchase Advantage by CAFA Now Available with New USDA & VA + Additional Options Eligible borrowers can now receive an assistance amount between 1% and 4% on FHA, Conventional, USDA and VA loans. The assistance may be used for down…
OTC Changes Effective April 1, 2022 The minimum FICO to qualify for the OTC product has been increased from 680 to 700. The contingency requirement for borrowers engaging with a builder on a cost plus contract has been increased from…
*Employee Spotlight*Ā Joline Kreh processed over 400 loans for GMFS Agent Team in 2021! “The thing that inspires me is knowing that this job means so much to people. We get to help first time homebuyers and people looking to…
Due to the current and impending rise in mortgage rates, GMFS is making a change to the qualifying note rate on OTC loans. Effective today, February 16, 2022, the rate will no longer be a flat rate but will need…
*Time Sensitive Announcement* Fannie and Freddie have announced that they will be making changes to their Second Home and High Balance pricing adjustments. GMFS will be implementing the new pricing on loans that lock on or after January 24th, 2022….
FHA will increase its loan limit ceiling from $356,362 to $420,680 in most areas of the country.Ā Higher FHA Loan Limits for 2022 New loan limits may be used with applications immediately, however: FHA Loans must wait until after January…