One Time Close Construction Home Loan

• A home construction mortgage that offers one closing for your construction loan and permanent financing
• Min. Down Payment = 5% for primary residence. Land value may be used as a down payment on a refinance transaction.
• Interest rate is capped on permanent loan
• Interest only loan during construction for up to 9 months, then modifies to 15 or 30 year fixed rate loan once home is complete
• Eligible for Primary residence or Second home
• Borrower chooses contractor, subject to GMFS Mortgage verification
• GMFS Mortgage Verified Builder List
• A simple modification process finalizes your rate and payment once construction completed

USDA One Time Close Construction Loan

• New home construction loan that offers 100% financing meaning
• Min. Down Payment = 0% (100% financing option per USDA guidelines, excludes applicable closing costs)
• Interest rate is locked at close
• 30 year fixed rate loan
• For primary residences only that are eligible per USDA Property Eligibility Site
• Standard USDA loan limits apply and are calculated based on the property’s “subject to” value
• Borrower chooses contractor, subject to GMFS Mortgage verification
• GMFS Mortgage Verified Builder List
• One (1) closing
• Payment reserve established at closing to make payments on your behalf during construction phase

HomeStyle® Renovation Home Loans

• Home renovation loan to renovate and rehab a new or existing home
• Remodeling construction loan
• Eligible for Primary residence or second home
• PURCHASE =Finance the lesser of the purchase price plus renovation costs or the “as-completed” appraised value
• Min. Down Payment = 5% for primary residence / 10% for second home / 3% for first time home buyer
• REFINANCE = Finance up to 95% of the “as-completed” appraised value / 97% if existing mortgage is Fannie owned / 90% for second home
• Rate is locked up-front with no modification once renovations are complete
• Maximum renovation funds = 75% of the “as-completed” appraised value
• Borrower chooses contractor, subject to GMFS Mortgage verification
• GMFS Mortgage Verified Builder List
• Do-It-Yourself option in some limited scenarios
• One (1) closing

HomeStyle® Energy Mortgage

• Upgrade the energy and/or water efficiency of an existing property including solar energy, protective improvements from natural disasters, new windows and doors
• $500 credit at closing 
• Mortgage can be used to pay off other energy related financing
• Save on future utility and repair costs
• Potentially lower interest rates compared to other forms of financing
• Max LTV (1-unit owner occupied) up to 97%
• Energy related financed improvements up to 15% of “as completed” appraised property value

Approved Improvements to Protect Home from Natural Disasters:

• Storm surge barriers
• Foundation retrofitting for earthquakes
• Hazardous brush and tree removal in fire zones
• Retaining walls to address mud or water flows

No Energy Report Required / Energy Report Waivers:

• Radon Remediation – installation covered
• ENERGY STAR – certified products
• Basic weatherization and water efficiency items up to $3,500
• Water efficient devices
• Renewable energy sources including solar panels, wind power, geothermal systems
• Environmental hazard damage repairs or protective improvements

Contact a GMFS Mortgage Loan Officer today!