Down Payment Assistance Program

GMFS is excited to partner with the National Homebuyer Fund (NHF) to offer the Down Payment Assistance Program (DPA) for FHA Loans!

Older couple sitting at kitchen table discussing finances

The NHF is a Non-Profit Public Benefit Corporation that has helped finance more than 45,000 home purchases and provided over $400 million in down payment assistance!

Program Highlights:

  • FHA financing loan
    • FHA 1st lien
    • 3.5% of the sales price or appraised value (lesser of)
    • or 5% option available
    • 2ns lien must be 3.5% or 5% to match or get prior approval for lower amount
  • Funds can be used for Down Payment
  • Funds can be used for Closing Costs
  • Low credit score requirements
  • Primary Residence only
  • No first-time homebuyer requirement
  • Free Homebuyer Education Required
  • Generous income limits
  • Available in all GMFS lending states

*2nd lien is forgivable if: a.The loan has reached 10 years from Note date AND b.The loan is not paid off or called due within the first 10 years from the Note date c.The property is not sold, transferred, or otherwise disposed, include through foreclosure or transfer

Let’s Talk

Contact a GMFS Mortgage Loan Officer today!

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Rating: 5 out of 5

Ashley was terrific. Wet friendly, thorough and detail oriented. Even though the process sucks Ashley went over and above to help at every step. If it weren’t for Ashley we’d be renting right now but instead we are living in our own home. Cannot thank her enough!

Krisha h.
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Darren did a great job. He was very knowledgeable and responsive througho the process. Toward the end of the process we did get some odd request from loan approvers (not Darren) which is why I rated the overall experience as ok and not great (i.e. requirement to make cosmetic vinyl siding repairs prior to closing).

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Worked with Ashley and she was heaven sent! Really nice, professional,and cares about her clients! Awesome person and we are blessed to have her.

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Since 1999, we’ve helped over 150,000 people across 23 states become homeowners.

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*Not a commitment to lend.  All loans subject to credit and property approval.  The following terms are for illustrative purposes only.  Rates, payments, and loans terms vary by consumer based on their individual qualifying information.   The payment amount illustrated does not include the amounts for taxes, property insurance, or mortgage insurance. 

Purchase PriceLoan AmountInterest RateAPRTerm
$239,000$227,0506.5%6.725%30