Home Loans to Build, Remodel or Renovate

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Build, repair or renovate your dream home with a construction loan from GMFS Mortgage. Want to build your dream home from the ground up? Want to repair or renovate your current, next or second house? GMFS Mortgage offers flexible home construction loans that often are less costly than other financing options. Plus our processing, underwriting, and closing teams are all under the same roof making for smooth and predictable closings. Let the experts at GMFS Mortgage help you finance to build a house or remodel a home.

One Time Close Construction Home Loan

  • Home construction loan
  • Remodeling construction loan
  • Home renovation loan
  • Min. Down Payment = 10% for primary residence
  • Interest rate is capped on permanent loan
  • Interest only loan during construction, then modifies to 15 or 30 year fixed rate loan once home is complete
  • Eligible for Primary residence or second home
  • Up to $453,100
  • Maximum renovation funds = 50% of “as completed” value
  • Borrower chooses contractor, subject to GMFS Mortgage verification
  • GMFS Mortgage Verified Builder List
  • One (1) closing

USDA One Time Close Construction Loan

  • New home construction loan
  • 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

Interim Construction Home Loan

  • Home construction loan
  • Remodeling construction loan
  • Home renovation loan
  • Min. Down Payment = 10% for primary residence
  • Can use land value equity towards down payment
  • 12 month interim loan to complete construction, then refinance into 15 or 30 year fixed rate
  • Eligible for Primary residence or second home
  • Up to $453,100
  • Maximum renovation funds = 50% of “as completed” value
  • Borrower chooses contractor, subject to GMFS Mortgage verification
  • GMFS Mortgage Verified Builder List
  • Maximum renovation funds = 50% of “as completed” value
  • Two (2) closings

HomeStyle® Renovation Home Loan

  • Home construction loan
  • Remodeling construction loan
  • Home renovation loan
  • Min. Down Payment = 3% for primary residence / 10% for second home
  • Interest rate is locked at close
  • 15 or 30 year fixed rate loan
  • Eligible for Primary residence or second home
  • Up to $453,100
  • Maximum renovation funds:
  • PURCHASE = 75% of the lesser of the purchase price plus renovation costs  OR  the as-completed appraised value for purchase transactions
  • REFINANCE = 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 Renovation video

GMFS Mortgage ranked Best Mortgage Company in Louisiana for 2018 by Ask a Lender

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WHY GMFS MORTGAGE?

Our avg. customer feedback rating = 4.8 stars! Experience for yourself why so many of our customers and partners refer GMFS Mortgage to their family, friends and clients!

Established

Over 89,000 customers and $14.9 billion in residential mortgage funding in 23 states

Efficient

Processing, underwriting, and closing under same roof means smooth & predictable closings

Trusted

A+ rating with BBB and winner of Torch Award for Marketplace Trust

Experienced

GMFS staff has an avg. of 14+ years of mortgage industry experience