For today’s home buyers with good credit and a steady income, there are several mortgage programs available which offer 100% financing for purchase or to refinance. These “No Down Payment” mortgages can also provide options to qualified first-time homebuyers.
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
Questions About Qualifying for Home Ownership?
Wondering if you're qualified to become a homeowner?A: There are a range of home loan programs with varying minimum qualifications and features such as low to zero minimum down payment. Depending on your goals, you more than likely qualify for at least one of the home purchase products. If not, our skilled Loan Officers can help you with a game plan to get qualified in the near future. You are probably closer than you think. Get Started with a free, no obligation consultation with an experienced GMFS Mortgage Loan Officer.
Concerned about your credit score?A: Your credit score is one of the key factors in determining what type of mortgage and interest rate you qualify for. Of course, the higher your score the lower rate and more options that you may have. However, there are lots of programs available where lower credits scores are acceptable and you can accomplish your dream of home ownership. Some of these options even offer very little or no down payment. You are entitled to order a free copy of your credit report every 12 months from each of the major credit reporting agencies (Equifax, Experian, and TransUnion) through www.AnnualCreditReport.com. This site is the only one that is government authorized to provide you with FREE copies of your credit report. Dispute any errors on your credit report and get them resolved as quickly as possible. Also, do not open any new accounts within at least six months of applying for a mortgage. For more tips about building or improving your credit, Get Started with GMFS Mortgage.
Concerned about saving for your down payment?A: Several home loan programs now have minimum down payment options ranging from 0%-3% of your loan amount. Keep in mind, the total cost of your financing decreases as your down payment amount increases. That being said, there are circumstances when the lower down payment options make sense as well. Your GMFS Mortgage Loan Officer can review the best options for your situation and also let you know if there are any homebuyer assistance programs featuring non-repayable grants, available in your area that you qualify for. Get Started
How does student loan debt affect your ability to become a homeowner?A: Having student loan debt does not automatically preclude you from qualifying for a home loan. As with any financing, your Debt-to-Income (DTI) Ratio is a significant factor in qualifying for a loan. Certain home loan programs weigh student loan debt differently when calculating your DTI. Your GMFS Mortgage Loan Officer can review the best options for your situation. Get Started
GMFS MORTGAGE CUSTOMER REVIEWS
Clarisse is knowledgeable and professional. She held my hand every step of the way. She gave me options to fit my individual needs financially.
Jessica M. GMFS Mortgage Customer
Jeannie and her team took care of everything necessary and answered all of my questions in a timely manner. Each step in my mortgage refinance went smoothly. We did not encounter any unexpected complications or delays. I am grateful they made the whole mortgage process so simple for me.
Philip H. GMFS Mortgage Customer
Great service and excellent communication!
Simone L. GMFS Mortgage Customer
My overall experience with GMFS Mortgage was excellent! Kevin Jones was great to work with. He went above and beyond to ensure that my needs were met. I would highly recommend GMFS’ services to anyone. Megan Scott was also great to work with on the construction side as well. Very professional group. Thanks again, Matt
Matt H. GMFS Mortgage Customer
Carla Vento was recommended to me by friends and everything they told me was true! Carla was informative and helpful every step of the way through my refinancing of my home. I was very pleased and would recommend Carla Vento to anyone looking for financing of a home.
Bettye K. GMFS Mortgage Customer
Our experience was nothing but positive despite some challenges, as several houses we made offers on, and started mortgage applications for, failed to pass inspection and we terminated the process. Matt was very patient and diligent as we progressed to the house we actually purchased.
Michael Y. GMFS Mortgage Customer
Working with Darren Gill made the refinance process easier than I expected. He is very thoughtful and explains things in a way that is easy to understand. I am very happy we stayed with GMFS Mortgage to do our refinancing and will recommend them to anyone looking to finance a home or do a refinance.
Valerie W. GMFS Mortgage Customer
Carla definitely went above and beyond. I would recommend her to anybody. She did a great job!