100% Mortgage (Zero Down Mortgage) Home Loans
For today’s home buyers with good credit and a steady income, 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 first home with no money down and determine if a no down payment mortgage is right for you.
100% Financing Home Loan Options
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
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.
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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.
Brady E. GMFS Mortgage Customer
Tuesday September 26, 2023
“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!
C. Williams GMFS Mortgage Customer
Wednesday September 20, 2023
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.
S J. GMFS Mortgage Customer
Tuesday July 4, 2023
Couldn’t have asked for a better home buying experience. Seamless process with all being done online, all questions answered, and his team was available to me whenever I had questions. My go to from here on out!
Daniel L. GMFS Mortgage Customer
Monday October 31, 2022
Couldn’t be more pleased with Ryan Larussa and his lending team at GMFS. The whole process of buying our home was seamless from start to finish. If you’re looking for a lender reach out to them! They get it done.
Daniel L. GMFS Mortgage Customer
Saturday October 29, 2022
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GMFS staff has an avg. of 14+ years of mortgage industry experience