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Posts Categorized: Financial Education

Financial Education

LLPA Myths Busted!

LLPA Myth Busting: The Truth about New Fee Changes   In January 2023, Fannie Mae and Freddie Mac (Federal Housing Financing Agencies) announced changes to Loan Level Pricing Adjustments (LLPA). Some of these changes include factoring in a borrower’s debt-to-income…

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Financial Education

Is it Time to Refinance?

Is it Time to refinance? According to ATTOM Data Solutions, 48.5% of mortgaged residential properties in the U.S. were considered equity-rich with 50% in available equity at the end of Q3 2022. Pent up equity positions, even in these market…

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FHA

Lower Mortgage Insurance Premiums for FHA Loans

Great news in 2023 – Mortgage Insurance will cost less on new FHA home loans Financing a home just became more affordable for hundreds of thousands of buyers! Beginning March 20, most FHA loans will carry lower mortgage insurance premiums….

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Buy-Purchase-Sell

Debt Service Coverage Ratio Mortgage

DSCR (Debt Service Coverage Ratio) for Property Investors Property investors have many options and should feel good about their business purpose loan. The GMFS DSCR (Debt Service Coverage Ratio) products are designed to give these valuable borrowers a real choice…

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Financial Education

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…

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Financial Education

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…

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Financial Education

Expanded Products Help More Borrowers Qualify

It can be difficult for first-time home buyers to get a mortgage – especially if they have a thin credit history, are self-employed or contract workers. We’re here to help with loan programs including several Non-QM mortgage programs and products…

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Credit & Economics

What Rising Interest Rates May Mean For You

Rate Watch In an effort to quell inflation, the Fed increased policy rates by 0.75% at their most recent meeting. This is the largest increase since 1994 and more than initially expected. Mortgage interest rates had already moved upward in…

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Equal Housing Lender. ©2017 GMFS LLC. Loan programs not available in all states, or to all consumers. All loans are subject to availability at the time of application and for terms that meet each individual consumer’s needs and qualification information. Loan applications are subject to credit and property approval. GMFS LLC encourages all consumers to consult with a tax advisor concerning the tax implications for the type of mortgage sought. All mortgages are originated by GMFS LLC, NMLS ID #64997, at 7389 Florida Blvd. Suite 200A Baton Rouge, LA 70806. The retail division of GMFS LLC is Doing Business As “GMFS Mortgage”.

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