The U.S. Department of Housing and Urban Development (HUD) is once again supporting a program that allows immigrants under the Deferred Action for Childhood Arrivals (DACA) program to apply for Federal housing Administration (FHA) mortgages. Under the DACA program, people…
Great news! FHA Loan Limit Increases for 2021 In most areas of the country, FHA will increase its loan limit ceiling from $331,760 to $356,362. Read HUD Announcement Get pre-qualified with our award-winning team today!
New USDA Income Limits Recently, USDA Rural Development increased the 2020 Income Limits for the Single Family Guaranteed Loan Program. Higher limits mean more people will now fall within the income guidelines for USDA RD loans. New Income Limits for…
What can affect your rates? Here are 15 Factors That Impact Your Interest Rate for a Mortgage 1. Credit Score Your historical ability to repay a mortgage is very important. The higher your credit scores the lower your rate and…
What is a Paycheck Protection Program Loan? In the midst of the COVID-19 pandemic, we hope that you and your families are safe and healthy. We understand that many of us are experiencing financial difficulty due to loss of employment…
What is forbearance? Forbearance is only a postponement of the payments being due; where there is no negative impact to your credit as long as the proper process is followed. The guidelines are not dictated by GMFS; therefore we must…
How will the Federal Reserve impact mortgage rates? Homebuyers sometimes misunderstand how the Federal Reserve affects traditional mortgage rates. The Fed doesn’t actually set mortgage rates. Instead, it determines the federal funds rate, which generally impacts short-term and variable (adjustable)…
Thinking of Building A Home? GMFS Mortgage Can Help with Construction Loans Building your dream home can be a very exciting option if the existing home inventory and the cookie cutter tract homes that you’ve seen are just not what…