GMFS’s Down Payment FHA 2nd Lien Program has been successful at allowing you to put more borrowers in homes since our launch earlier this quarter. In preparation for some future enhancements to the program we are making some small modifications…
Effective Friday, June 16th, GMFS has updated requirements for property and flood insurance in conjunction with HUD and Agency guideline changes: All persons on title to the subject property are named insured on property and flood insurance policies.
FHFA has just released the 2023 Area Median Income Limits! In response, Freddie Mac issued Updated AMI Limits to Qualify More Borrowers, which indicates Loan Product Advisor (LPA) will be updated effective June 8th, 2023. Fannie Mae issued 2023 Area…
Lenders that deliver loans to Fannie Mae are responsible for reviewing appraisals to confirm that they meet policy guidelines. See below: Full 1004 Appraisal: Must be ordered through an Appraisal Management Company or proper approved channel Desktop 1004 Appraisal: Must be…
Have you taken a look at our Jumbo Express Loan product? $766,550 – $3,000,000 Purchase, Rate & Term Refinance, Cash-Out Refinance Primary Residence, 2nd Homes Investment Properties 15 or 30 Year Fixed Rate Up to 6% Seller Contributions Allowed Up…
Great news on the National Homebuyer’s Fund (NHF) Down Payment Assistance Program (DPA) GMFS will now allow Lender Paid Compensation under the program to further benefit your borrowers. We have seen a lot of success with this program, highlights include:…
GMFS is excited to share the latest news from the FHFA. The Federal Housing Finance Agency (FHFA) announced today, May 10, 2023, that it has rescinded the upfront fees based on borrowers’ DTI ratios for loans acquired by Fannie Mae…
Great news! We are expanding our Existing Customer Benefit Program for Second Homes and Investment Properties! If a borrower has their primary home’s mortgage with GMFS, they are eligible to receive a $750 customer retention credit on a second mortgage…
NHF Down Payment Assistance Customizable Flyers are now available for your use! Access the flyer and more here: https://gmfspartners.com/marketing-tools/ More NHF Tools: NHF Broker Process DPA NHF Training DPA NHF Guidesheet- 10 year Amortization DPA NHF Guidesheet – Forgivable Disclosure…
GMFS Mortgage is excited to partner with the National Homebuyer’s Fund (NHF) to offer the Down Payment Assistance Program (DPA) Program Highlights: FHA with CLTV 100% FHA 1st Lien 96.5% DPA 2nd Lien 3.5% Funds can be used for down…
GMFS now offers Long Term Locks! You can now use this feature to protect your borrower from possible future rate increases. The Borrower, Seller or Correspondent Client can pay a flat fee (collected upfront) at the time of the lock…
Reminder: GMFS will adopt the new LLPA adjustments for all new locks beginning today, March 1st. IMPORTANT: If a lock is originally priced off of the (old) LLPA grids and extends past March 31, the (new) LLPA grids will be…
How do customers submit a request for a payoff statement for a Partial Claim held by HUD? The Mortgagee, Borrower, or other Authorized Third Party with a SMART Integrated Portal (SIP) account may request a payoff statement for a HUD…
Recent Changes / Enhancements include: Improvements to the Bank Statement Program No longer have to look at lower of 1003 and bank statements for the income analysis Reduced minimum ownership percentage from 50% to 25% to utilize business bank statements…
