FHA 100% Financing Loan
Did you know eligible homebuyers could qualify for a 100% financing, meaning no down payment, through an FHA loan?
GMFS Mortgage is excited to offer more no down payment mortgages to qualified homebuyers!
Down Payment Assistance for FHA Loans program highlights:
- 100% LTV Financing
◦ 2nd lien for up to 30 years – these funds can be used toward the down payment (3.5% of sales price) or closing costs
◦ or “plus 2%” 2nd lien for 10 years (forgivable*) - Primary Residences only
- Funds Can Be Used for Down Payment or Closings Costs
- First Time or Repeat Homebuyers
- Free Homebuyer Education Required
- Generous Income Limits
- Available in all States GMFS Mortgage does business
*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
Talk with a local GMFS Mortgage Loan Officer to get pre-qualified for a FHA 100 percent loan today!
*Government loans such as FHA, USDA and VA typically have more flexible guidelines than conventional loans but interest rates are typically higher.
*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 |