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

Learn more about VA Loans

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.

GMFS Mortgage ranked Best Mortgage Company for Low Down Payment in Louisiana for 2018 by Ask a Lender

Contact a GMFS Mortgage Loan Officer today!

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