At GMFS Mortgage we understand you have lots of questions and concerns when considering buying your first home. We are here to help and have assisted thousands of first-time buyers like you to achieve the American dream of homeownership! Often, the monthly expense of owning your home is not very different from the cost of renting and we can show you how to get great mortgage rates based on your credit.
Wondering if you're qualified to become a homeowner?A: There are a range of home loan programs with varying minimum qualifications and features such as low to zero minimum down payment. Depending on your goals, you more than likely qualify for at least one of the home purchase products. If not, our skilled Loan Officers can help you with a game plan to get qualified in the near future. You are probably closer than you think. Get Started with a free, no obligation consultation with an experienced GMFS Mortgage Loan Officer.
Concerned about your credit score?A: Your credit score is one of the key factors in determining what type of mortgage and interest rate you qualify for. Of course, the higher your score the lower rate and more options that you may have. However, there are lots of programs available where lower credits scores are acceptable and you can accomplish your dream of home ownership. Some of these options even offer very little or no down payment. You are entitled to order a free copy of your credit report every 12 months from each of the major credit reporting agencies (Equifax, Experian, and TransUnion) through www.AnnualCreditReport.com. This site is the only one that is government authorized to provide you with FREE copies of your credit report. Dispute any errors on your credit report and get them resolved as quickly as possible. Also, do not open any new accounts within at least six months of applying for a mortgage. For more tips about building or improving your credit, Get Started with GMFS Mortgage.
Concerned about saving for your down payment?A: Several home loan programs now have minimum down payment options ranging from 0%-3% of your loan amount. Keep in mind, the total cost of your financing decreases as your down payment amount increases. That being said, there are circumstances when the lower down payment options make sense as well. Your GMFS Mortgage Loan Officer can review the best options for your situation and also let you know if there are any homebuyer assistance programs featuring non-repayable grants, available in your area that you qualify for. Get Started
How does student loan debt affect your ability to become a homeowner?A: Having student loan debt does not automatically preclude you from qualifying for a home loan. As with any financing, your Debt-to-Income (DTI) Ratio is a significant factor in qualifying for a loan. Certain home loan programs weigh student loan debt differently when calculating your DTI. Your GMFS Mortgage Loan Officer can review the best options for your situation. Get Started
Are you a Louisiana first time homebuyer needing a Purchase Advantage?A: Purchase Advantage powered by CAFA is a unique program to jump-start Louisiana homeownership through the benefit of a non-repayable homebuyers grant of up to 4% of the original mortgage amount to eligible homebuyer families in eligible Louisiana parishes.
Popular Loans for First Time Home Buyers:
- A Conforming Fixed Rate loan with a 3o year or 15 year term can be used to purchase a home (max. loan amount is $453,100)
- A FHA loan is typically the best home loan option for first time buyers if not a military veteran or the house is not in an eligible rural area designated by USDA
- The HomeReady loan product from Fannie Mae is designed for creditworthy, low-to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.
- The Home Possible loan product from Freddie Mac is designed for creditworthy, low-to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities
- Purchase Advantage powered by CAFA is a unique program to jump-start Louisiana homeownership through the benefit of a non-repayable homebuyers grant of up to 4% of the original mortgage amount to eligible homebuyer families in eligible Louisiana parishes.
- USDA Rural Development loan is typically the best home loan option for first time buyers if not a military veteran and the house is in an eligible rural area designated by USDA
- VA loans are typically the best option for first time home buyers if one of the borrowers is a military veteran
- See more Loan Options
First Time Home Buyer Resources
Pre-Qualified Shoppers Have the Advantage
Pre-qualified first-time home buyers give sellers and builders the peace of mind knowing you will be able to get home financing after the contract is signed. This can improve your negotiating position over others. Get pre-qualified with GMFS Mortgage before you start your home search or meet with an architect.
Ready to get Pre-Qualified OR learn how to become eligible for a home loan?
GMFS MORTGAGE CUSTOMER REVIEWS
GMFS Mortgage were very helpful to me while buying my first home. I didnt know what kind of documents I needed and they made the process very easy explaining everything and answering every question that I had.
Chad P. GMFS Mortgage Customer
I really enjoyed working with Clayton Wood. He was so helpful and understanding of how stressed out I was with this being my first house and was willing and quick to respond to my 800 stupid questions. I would definitely recommend GMFS to anyone I know looking to get a mortgage loan. THANKS AGAIN, CLAYTON AND GMFS!
Katelynn B. GMFS Mortgage Customer
GMFS Mortgage is a great lending institution committed to making people own their own home. I was disappointed by a major bank at the 99th minute to close but GMFS Mortgage stepped in and made me a home owner and Im so grateful. They worked with me and answered every question I had and was communicating with me regularly. I am sure I will always say, GFMS is a great place to go for home mortgage financing.
Chijioke K. GMFS Mortgage Customer
Brad was great! Process was easy and as a first time home owner I had a lot of questions and they were all answered quickly and in terms I could understand.
Blake O. GMFS Mortgage Customer
As a first time homebuyer, having Carlas help every step of the way was a true blessing