Home Loans to Build, Remodel or Renovate

GMFS offers flexible home construction loans that often are less costly than other financing options. Plus our processing, underwriting, and closing teams are all under the same roof making for smooth and predictable closings. Contact the home financing experts at GMFS.

One Time Close Construction Home Loan

  • Home construction loan
  • Remodeling construction loan
  • Home renovation loan
  • Min. Down Payment = 5% for primary residence
  • Interest rate is capped on permanent loan
  • Interest only loan during construction, then modifies to 15 or 30 year fixed rate loan once home is complete
  • Eligible for Primary residence or second home
  • Up to $510,400
  • Maximum renovation funds = 75% of “as completed” value
  • Borrower chooses contractor, subject to GMFS verification *Agent Referral Only
  • GMFS Verified Builder List *Agent Referral Only
  • One (1) closing

USDA One Time Close Construction Home Loan

  • New home construction loan
  • Min. Down Payment = 0% (100% financing option per USDA guidelines, excludes applicable closing costs)
  • Interest rate is locked at close
  • 30 year fixed rate loan
  • For primary residences only that are eligible per USDA Property Eligibility Site
  • Standard USDA loan limits apply and are calculated based on the property’s “subject to” value
  • Borrower chooses contractor, subject to GMFS verification
  • GMFS Verified Builder List
  • One (1) closing
  • Payment reserve established at closing to make payments on your behalf during construction phase

HomeStyle® Renovation Home Loan

  • Home construction loan
  • Remodeling construction loan
  • Home renovation loan
  • Min. Down Payment = 3% for primary residence / 10% for second home
  • Interest rate is locked at close
  • 15 or 30 year fixed rate loan
  • Eligible for Primary residence or second home
  • Up to $510,400
  • Maximum renovation funds:
  • PURCHASE = 75% of the lesser of the purchase price plus renovation costs  OR  the as-completed appraised value for purchase transactions
  • REFINANCE = 75% of the “as-completed” appraised value
  • Borrower chooses contractor, subject to GMFS verification
  • GMFS Verified Builder List
  • Do-It-Yourself option in some limited scenarios
  • One (1) closing

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