100% Mortgage (Zero Down Mortgage) Home Loans
For many eligible home buyers, there are several no down payment mortgage programs available which offer 100% financing for purchase so you can buy a home or even refinance. GMFS Mortgage can explain your options for how to buy your home with no money down and determine if a no down payment mortgage is right for you!
100% Financing Home Loan Options
FHA 100 Percent Loan
GMFS is excited to partner with the NHF to offer a Down Payment Assistance Program for FHA Loans! Eligible homebuyers may qualify for 100% financing through this FHA loan. This means that borrowers would not have to put any money down to buy a home! You do not need to be a first-time homebuyer to qualify.
- 100% Combined Financing
◦ 2nd lien for up to 30 years – these funds can be used toward the down payment (3.5% of sales price) or closing costs
◦ or “plus 2%” 2nd lien for 10 years (forgivable*) - Primary Residences only
- Funds Can Be Used for Down Payment or Closings Costs
- First Time or Repeat Homebuyers
- Free Homebuyer Education Required
- Generous Income Limits
- Available in all States GMFS Mortgage does business
*2nd lien is forgivable if: a.The loan has reached 10 years from Note date AND b.The loan is not paid off or called due within the first 10 years from the Note date c.The property is not sold, transferred, or otherwise disposed, include through foreclosure or transfer
USDA Rural Development Loan
- Per the USDA, GMFS Mortgage has been the #1 USDA Rural Development lender in Louisiana, #5 in Alabama, #10 Nationwide (source)
- USDA Rural Development is typically the best home loan option for first time buyers that are not military veterans, assuming the property is in an eligible rural area
- Can be used to purchase your primary residence or refinance for rate term
Learn more about USDA Rural Development Loans
VA Loan for U.S. Veterans
- GMFS Mortgage offers reduced fees to U.S. military veterans for VA loans
- VA loans are typically the best loan option for first time home buyers if one of the borrowers is a veteran
- Can be used to purchase a house for your primary residence, as well as, to refinance for cashout
Purchase with Seller Paying Closing Costs
A common purchase strategy of buyer agreeing to pay a higher dollar amount than normally would be negotiated (e.g. full asking price) in exchange for seller agreeing to pay closing costs. Net effect is that buyer does not have to pay out-pocket for their closing costs and seller nets same amount as if they would have sold for the lower price they realistically expected to sell home for.
NOTE: In order for the loan to be approved by the mortgage lender, the house will need to appraise for no less than the total contracted purchase price (which includes the added dollar value for the buyer’s closing costs).
Not a commitment to lend. All loans subject to credit and property approval. The following terms are for illustrative purposes only. Rates, payments, and loans terms vary by consumer based on their individual qualifying information. The payment amount illustrated does not include the amounts for taxes, property insurance, or mortgage insurance.
A 30 year fixed rate loan with 360 equal payments, at a 90% LTV loan, resulting in a 10% down payment, and an annual percentage rate of 4.75% will have a monthly principal and interest payment of $1,043 per month. This payment does not include the amounts for taxes, property insurance, or mortgage insurance.
Contact a GMFS Mortgage Loan Officer today!
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Customer Reviews
Adam and his team at GMFS were a pleasure to work with. The most important thing to me is communication and Adam called us all the time to make sure we had all the information needed. It’s in the slogan and it’s true, GMFS changed my life!
Ryan Larussa is a very very good realtor. He was very patient with me as I stressed out about moving to Baton Rouge from Shreveport and buying a condo. He met with me regularly and gave me good advice on explaining why I was keeping my townhouse in Shreveport. I have had a very good experience with the mortgage provider and insurance agent and that is due to Ryan’s work. I would recommend him to others and have asked him to be my realtor when I move back to Texas.
Unbelievable experience with GMFS. Adam made the entire process completely painless, and made sure I was informed and taken care of the entire way through. Everyone who helped along the way treated me like family, and I’ll definitely be back for my next mortgage. 10/10 recommend to anyone and everyone.
“Changing Lives” is not just part of the company slogan. Bryan Sparacino is one of a kind, and I am so blessed that he helped walk me through the financing process during such a crazy time in the market. Trusting the GMFS team proved to be of tremendous value as I navigated purchasing a home in a different state. Bryan’s experience and knowledge of products, processes, and the marketplace were the difference makers in getting my loan closed quickly and efficiently. As we start a new chapter, in a new state, in our new home, our lives have been forever changed because of Bryan Sparacino and the GMFS team. Thank you for EVERYTHING!
Working with Ashley to close on our new home was awesome. Ashley was so helpful and reliable through the entire process, making everything run so smooth. She made herself available anytime we needed, including weekends. I would definitely recommend Ashley and GMFS mortgage to everyone.
Established
Over 150,000 customers and $30 billion in residential mortgage funding in 23 states
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Processing, underwriting, and closing under same roof means smooth & predictable closings
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Experienced
GMFS staff has an avg. of 14+ years of mortgage industry experience