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…
GMFS has now released 2 NEW Temporary Buydown Options and they are now available! BuydownsĀ 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…
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 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…
As we continue to work through disaster recovery from Hurricane Ida, the Lock Desk is making certain accommodations to help you and your borrowers. We ask that you work through your pipeline and notify the lock desk of any locks…
Great News About Conventional & Government Rates Conventional & Government Rates at 2.99% and 3.99% When submitting your lock request please lock at the interest rate just above what you are looking for and we will adjust your price by…
Changes to Government FICO Scores FHA and VA FICOS Down to 620 effective immediately! Please seeĀ GMFS ProductĀ andĀ Selling GuidesĀ for all recent updates.
GMFS VA IRRRL Upfront Submission Requirements 1003 With Employment (income not required) If loan being refinanced isĀ not a GMFS loanĀ ā tri-merge credit report including current month record. If loan being refinanced isĀ an existing GMFS loanĀ ā VOM can be provided. To…
As business and the market slowly begin to move toward a sense of normalcy since the COVID-19 crisis, GMFS has started to make adjustments to expand the credit availability and improve pricing for your borrowers. See below for change to…
GMFS will be adopting both the VA Circular 26-20-10 and FHA Mortgage Letter 2020-05 related to flexibility during COVID quarantines. In addition, we will be allowing temporary flexibility related to 4506-T on FHA and VA loans. 4506-T Updated: For loans…
As the market liquidity and capacity impact from COVID-19 continues to put a strain on the mortgage industry, GMFS remains a strong stable leader for our employees, our partners, and our borrowers. It is necessary for us to react to…
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…
After reviewing additional clarification of Ginnie Mae APM 19-05 and Chapter 24 of the Ginnie Mae Guide,Ā GMFS will cap ALL High LTV VA Cashout loans at 90%.Ā This is an update to our August 14, 2019 announcement (below for reference). Effective…
Required VA Guaranteed Home Loan Cash-Out Refinance Comparison Certification is now available on our website. This new disclosure is available in Encompass and must be issued within 3 days of application. If your LOS does not have this New Comparison…
Please be advised that as per VA’s recent announcement (circular #26-18-13) concerning the recently passed “Protecting Veterans from Predatory Lending Act of 2018”, GMFS has updated our VA/VA IRRRL program guidelines. These updates/revisions become effective May 25, 2018 and include…