Good News! USDA has recently made changes that may allow prospective buyers with student loans more flexibility. Borrowers in an Income Based Repayment Plan (IBR), Income Contingent (IC), Graduated or Adjustable repayment plan can now qualify with the actual payment…
Good News! Fannie / Freddie Cap on Investment Properties and Second Homes Has Been Temporarily Suspended What This Means For You: Effective immediately, GMFS will no longer have additional loan level price adjustments over the agency adjustments on second home…
Coming with the next DU update the week of September 18th, DU will be modifying their risk assessment, GMFS will adopt Fannie Mae guidelines and updates as released on August 11, 2021. To read the complete Release Notes click here….
Did you know – No Tradelines? No Problem! With GUS Accept/Eligible. GUS ACCEPT FILES No minimum trade lines are required Authorized user accounts do not need to be removed and do not affect Accept decision GUST REFER FILES Two…
Under FannieMae guidelines, GMFS allows for qualifying borrower income from employment offers or contracts if the loan meets the following criteria: purchase transaction, principal residence, one-unit property, the borrower is not employed by a family member or by an interested…
Save Time Submitting Loans GMFS no longer requires a loan submission form on any loan program. Need a refresh on adding and submitting loans to TPO Connect? Check out our How to Guides & Videos!
Did you know Borrowers with 20% liquid assets may still qualify for 100% financing with USDA? If the borrower has personal non-retirement liquid asset funds of at least 20% of purchase price then perform the below conventional test: The borrower…
Freddie Mac is imposing strict rules concerning Power of Attorney that would only allow use for a bonafide medical emergency, natural disaster or other hardship for all mortgage with Application Received Dates on or after June 30, 2021. Defining what…
GMFS Compliance Update – Fannie Mae and Freddie Mac – Early Adoption of the General QM Rule BACKGROUND On December 10, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule amending the Ability-to-Repay/Qualified Mortgage (“ATR/QM”) definition. The General…
Good news! FHA has recently made changes that may allow prospective buyers with student loans more flexibility. HUD has announced that they will reduce the student loan payment required to include in the DTI to .5% when there is no…
GMFS is pleased to introduce two new Non-QM programs to complement our existing Jumbo Programs – GMFS Non-QM Select and Choice! Non-QM Select & Choice Features: Debt to Income Ratio over 43% FICOs as low as 680 Second Home and…
Fannie Mae RefiNow GMFS is pleased to offer Fannie Mae’s new refinance now program released in DU version 11.0 this weekend. RefiNow will enable more borrowers to refinance to a lower interest rate and reduce their monthly mortgage payments. In…
GMFS is honored to be ranked 24th in this year’s Scotsman Guide Top Mortgage Lenders – Top Wholesale Volume rankings! Scotsman Guide’s Top Mortgage Lenders is the industry’s most-comprehensive, verified rankings of the nation’s top-producing mortgage companies. To ensure that…
GMFS has updated the Jumbo Express Product Guide and will begin taking new locks with the updated guidelines Today, April 30th. Jumbo Express Changes/Highlights Higher LTVs – up to 90% Lower FICOs on many tranches – as low as 660…
GMFS is honored to be ranked in USDA’s Top Guaranteed Rural Housing Lenders National and State Rankings! Thank you and Congratulations to all! For a complete list of rankings click here.
