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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GMFS in Covington is so easy to work with. I would highly recommend them if you are looking to purchase or refinance any time soon!
James B. GMFS Mortgage Customer
Wednesday December 29, 2021
Allie is absolutely wonderful! She made our home buying process so easy. She’s worked so hard to get us into our dream home. We are so thankful for her and would definitely recommend her to anyone who is wanting to purchase a home!
Trenda P. GMFS Mortgage Customer
Thursday April 29, 2021
First class service from start to finish. Lainey is amazing and goes above and beyond to make sure you are taken care of and up to date.
Courtney M. GMFS Mortgage Customer
Tuesday April 9, 2019
Amazing experiences!! Carla was the best and helped us with the whole thing. She was there to answer all we had.
Hannah W. GMFS Mortgage Customer
Friday April 5, 2019
Professional, efficient, effective, attentive to details, a completely enjoyable experience. Grant is great to work with.
Bryan T. GMFS Mortgage Customer
Thursday April 4, 2019
Over 140,000 customers and $27 billion in residential mortgage funding in 23 states
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GMFS staff has an avg. of 14+ years of mortgage industry experience