FHA & VA down to 600
Great news! GMFS is now offering FHA & VA down to 600.
Please consider the following additional guidelines:
Additional Requirements for FHA between 600-619
- Must have DU Approve/Eligible findings
- No Rent Free borrowers allowed
- Verification of rental history is required. Must be verified with VOR and must be 0x30. VOR cannot be provided from an interested party or family member.
- 3.5% minimum borrower’s own funds required for down payment
- No gift funds
Additional Requirements for VA between 600-619
- Purchase money only
- Must have DU Approve/Eligible or LPA Accept/Eligible findings
- No collections in the last 12 months (medical expenses excluded)
- Max 1.x30 mortgage in the last 12 months
- No disputed accounts
- No High Balance/Jumbo VA allowed