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 for both 2015 and 2016
- 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 Advantage powered by CAFA
- A unique program to jump-start Louisiana homeownership through the benefit of a non-repayable homebuyers grant of up to 4% of the original mortgage amount
- The non-repayable grant is provided by Capital Area Finance Authority (CAFA)
- Eligible for primary residence only and only in approved Louisiana parishes
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).
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Working with GMFS Mortgage was quick and easy – Kevin was very knowledgeable & we felt well-informed during our home-buying process. He was easy to talk to & was always available to answer questions thoroughly. Thanks for helping us purchase our first home! We’ll use GMFS Mortgage again in the future.
Katie L. GMFS Mortgage Customer
Wednesday February 20, 2019
James E. GMFS Mortgage Customer
Friday February 15, 2019
Ryan and his team were very helpful during this whole process. They were very informative and did everything they could to get me exactly what I wanted.. Anytime I became discouraged they made sure to let me know not to worry and that everything would work out. They kept me updated every step of the way, I couldn’t have asked for a better team. [Zillow reviews]
zuser201411220133092 GMFS Mortgage Customer
Friday February 15, 2019
The whole team was great. Eventhough there was a government shutdown they kept working on our loan and were prepared when the government reopened, and we closed on our house within days of reopening. A big thank you to Trina, Linda, and Jennifer. Yippee…we own a house.
Chandler D. GMFS Mortgage Customer
Thursday February 14, 2019
Amazing staff, worked very fast especially with the government shutdown to keep us updated on process and into our new home as fast as they could. They were patient and caring about all our questions and concerns. Gmfs mortgage made us getting into our home as easy and less stressful as possible. I would recommend them to anyone!!!
Hannah T. GMFS Mortgage Customer
Monday February 11, 2019
Over 96,000 customers and $16.7 billion in residential mortgage funding in 23 states
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GMFS staff has an avg. of 14+ years of mortgage industry experience