GMFS is excited to partner with the National Homebuyer Fund (NHF) to offer the Down Payment Assistance Program (DPA) for FHA Loans!
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 100 percent 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
Contact a GMFS Mortgage Loan Officer today!
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Established
Over 150,000 customers and $30 billion in residential mortgage funding in 23 states
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Processing, underwriting, and closing under same roof means smooth & predictable closings
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Experienced
GMFS staff has an avg. of 14+ years of mortgage industry experience
*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.
| Loan Term | Down Payment | Annual Percentage Rate | Estimated Monthly Payment |
| 30 year fixed rate | 10% (90% LTV) | 4.75% | $1,043 |