2/1 Buydown
How a 2/1 buydown may be able to lower your monthly housing payment When interest rates were at historic lows, a typical fixed rate mortgage loan was all most people needed. Now, rates have risen and borrowers may be looking…
Bank Statement Programs
Self-employed borrowers may benefit from a bank statement mortgage program. When home buyers can’t get a traditional mortgage, our bank statement program can help qualified borrowers. Instead of a W2, we use 1-to-2 years of bank statements to evaluate a…
New and Improved Rates for First-Time Homebuyers
FHFA Changes Help First-Time Homebuyers A recent rate adjustment from Fannie and Freddie is motivating first-time home buyers under the median average income to apply for homeownership. Highlights: Interest Rate Reduction UP to 97% LTV Low credit score acceptance Some…
Mortgage Rates on the Rise
Mortgage rates are on the rise, and the more they go up, the more your purchasing power goes down. Imagine you can afford to pay $1,600 on your monthly principal and interest payment. If mortgage rates rise just 1%, you’d…
Temporary COVID Self-Employment Guidelines Removed!
Great news for Self-Employed borrowers! Most temporary COVID Self-Employment guidelines have been removed for Conventional Loans. Less paper work is required if the borrower has filed personal and business returns for 2020. This may make it easier for self-employed borrowers…
Student Loan Relief Options for Prospective Buyers
Good news! FHA has recently made changes that may allow prospective buyers and borrowers with student loans more flexibility. FHA will now use .5% – previously it was 1% – of the outstanding loan balance to calculate debt. This may…
FHA and VA Loans Down to 620
Good news. There have been updates to Government Loan Fico Score requirements that may allow more borrowers to qualify! FHA and VA Loans may accept FICOS down to 620! Contact a GMFS Mortgage Loan Officer today for a no-obligation consultation…
Tax Benefits of Homeownership
Is owning a home beneficial at tax time? YES. Homeownership is good for you. It helps you put down roots in a community, provides a sense of stability, is an excellent investment, and can even help you save on your…