At GMFS Mortgage we understand you have lots of questions about how to finance and buy a house for the first time. We are here to help and have assisted thousands of first-time home buyers like you to buy their first home and achieve the American dream of homeownership!
Often, the monthly expense of owning your first 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 and goals.
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:
- We offer 100% Financing mortgage programs for purchase or to refinance. These “No Down Payment” mortgages can also provide options to qualified first-time homebuyers.
- 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 home buyerbgrant 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 home 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
Want to know if your qualified to buy a house?
Wondering what is the best loan for a 1st time home buyer?
Wondering what first-time home buyer programs or homebuyer grants are available to help you purchase a home?
Ready to apply OR get pre-qualified to purchase your first home?
GMFS MORTGAGE CUSTOMER REVIEWS
Brad and the GMFS Mortgage team were extremely helpful throughout the entire process. As a first time home buyer, I would highly recommend this team as they helped to simplify each step of the home buying process.
Stephen B. GMFS Mortgage Customer
Lance was a pleasure to work with. He made the process of buying my first home a great experience. It took awhile but he was very patient. He answered all my questions in a timely manner and was very flexible with me.
Jeremy W. GMFS Mortgage Customer
I was nervous about starting the process of buying my first house, but Mimi, Brandi, and Frannie made for such an easy, painless experience. They explained everything so well and told me exactly what I needed. I would absolutely recommend GMFS Mortgage to anyone looking at buying a home.
Brett D. GMFS Mortgage Customer
Everyone was very helpful and patient with me during this first time home buying experience. I felt confident knowing what was going on as they took the time to explain each step. Thank you very much to Michelle and Kelsey for all of their help! The process was surprisingly easy. Ha!
Antonia K. GMFS Mortgage Customer
Nicole Faulk, Yesenia, and everyone else that helped us through the process of buying our first home was amazing! GMFS Mortgage goes above and beyond answering any questions you have and helping you find the perfect loan to fit your needs.