VA Loan Changes in 2020 VA Loan Changes 2020 are giving borrowers even more buying power for purchase, construction, and cash-out refinance loans. For Veterans with full entitlement, Freddie Mac conforming loan limits are no longer a factor! Highlights: Eligible…
Borrower Consent to the Use of Tax Return Information Changes The Taxpayer First Act was signed into law on July 2, 2019 and effective December 28, 2019. The law requires any person/entity that receives tax return information to obtain express…
BESTX Mortgage Insurance GMFS is excited to announce the release of Optimal Blue’s new BESTX Mortgage Insurance quotes! This will enable you to easily VIEW and COMPARE quotes from our qualified MI provides we offer in a single view! Optimal…
With a GMFS HomeStyle Renovation Loan, You Can Buy a Fixer-Upper and Finance All the Repair Costs with One Loan Single-close first mortgage that locks in rate & funds upfront for renovation or repairs Any renovation/repair is eligible – must…
GMFS breaks down latest Fannie updates Download the Homebuyer Education and Rental Income Property flyer Homebuyer Education New policy- At least one Borrower must complete Homebuyer Education for the following transactions: If ALL Borrowers are relying solely on nontraditional credit to qualify…
USDA Announces Changes Effective Immediately: RD now allows college, trade, and certificate school to be combined with work history to document the 1 year employment history requirement The following income types require a 1 year history of receipt: Overtime Commission…
After reviewing additional clarification of Ginnie Mae APM 19-05 and Chapter 24 of the Ginnie Mae Guide, GMFS will cap ALL High LTV VA Cashout loans at 90%. This is an update to our August 14, 2019 announcement (below for reference). Effective…
To better align ourselves with the industry, GMFS will be updating our policy to no longer net the escrow balance of the loan from the final payoff quote that is generated. Effective October 1, 2019, all payoff quotes produced by…
USDA Announced Update to Student Loan Payment Requirement We have updated our Student Loan Payment Comparison Chart to reflect the changes USDA announced today to their guidelines
We are interested in the success of your business and are focused on providing industry-leading tools and resources that allow you to close more loans faster! Our flyers are fully-customizable and allow you to insert your logo/business card, company name,…
GMFS Can Help With Student Loan Debt! Student loan debt is one of the reasons many borrowers believe they would not qualify for a mortgage today. GMFS is here to help get these borrowers qualified. We’ve got tools for you…
Update & Changes – HomeReady® & Home Possible® Fannie and Freddie have recently updated requirements for their HomeReady and Home Possible programs. Changes to Income Limits Income Limits for the HomeReady and Home Possible Programs are now 80% of AMI…
GMFS Offers Premium MI Pricing! By now all of the Mortgage Insurance companies have migrated away from MI rate cards to more fluid “risk based” pricing models. GMFS is pleased to offer the following MI companies with our Master Policy…
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FHA Manual Underwriting – 600 FICO Did you know FHA Manual Underwriting is available with a 600 minimum FICO score and DTI 43% or lower? For loans with DTI over 43% loans need AUS Approval. Other restrictions apply. Questions? Contact…