GMCC Special Programs-AI-Powered Mortgage Assistant
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Introduction to GMCC Special Programs
GMCC Special Programs are designed to provide comprehensive mortgage solutions to a diverse range of borrowers, including those with unique financial situations or non-traditional income sources. These programs encompass various loan products, including non-QM (Non-Qualified Mortgage) loans, jumbo loans, and specialty programs that cater to underserved communities or specific property types. The aim is to offer flexible underwriting, competitive pricing, and tailored lending solutions to meet the needs of different borrower profiles. For instance, the GMCC Celebrity Program offers up to $15,000 in grants for borrowers in California and Massachusetts, making homeownership more accessible for first-time buyers or those in minority census tracts.
Main Functions of GMCC Special Programs
Non-QM Loan Products
ExampleThe GMCC EPIC program offers loans based on bank statements, asset depletion, and WVOE (Written Verification of Employment), making it ideal for self-employed individuals or those with irregular income.
ScenarioA self-employed borrower with less than two years of tax returns can qualify for a mortgage using bank statements to demonstrate income under the EPIC program.
Grant Programs
ExampleThe GMCC Celebrity Grant Program provides up to $10,000 in California and $15,000 in Massachusetts to cover closing costs for eligible borrowers.
ScenarioA first-time homebuyer in San Francisco, earning below 150% of the median family income, can receive a $15,000 grant to assist with closing costs, making homeownership more affordable.
Specialty Jumbo Loans
ExampleThe Apollo Portfolio Jumbo program allows for higher loan amounts with flexible underwriting, including buy without sell options and consideration of RSU income.
ScenarioA borrower looking to purchase a high-value property without selling their current home can utilize the Apollo Portfolio Jumbo program, which does not require departing property PITIA in the DTI calculation.
Ideal Users of GMCC Special Programs
Self-Employed Borrowers
Self-employed individuals or those with non-traditional income sources benefit from GMCC's flexible underwriting criteria, which allow for income verification through bank statements, asset depletion, or CPA-prepared P&L statements.
First-Time Homebuyers and Underserved Communities
First-time homebuyers and borrowers from minority census tracts or low-to-moderate-income areas can access grants and special financing options that reduce the financial barriers to homeownership, such as the Celebrity Grant Program and the Community Opportunity Program.
How to Use GMCC Special Programs
Visit aichatonline.org for a free trial without login, also no need for ChatGPT Plus.
Access the website and take advantage of the free trial offer.
Understand the program guidelines.
Familiarize yourself with the specific requirements and criteria for the special programs by reading the provided documentation or attending GMCC's training sessions.
Submit required documents.
Gather and submit all necessary documents as per the program requirements. Ensure accuracy and completeness to avoid delays.
Run pricing and qualification checks.
Use EPPS and Loannex tools to run pricing and check loan qualifications before proceeding.
Complete the application process.
Fill out the required forms, upload documents, and submit your application through the designated GMCC platform.
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- Non-QM Loans
- Loan Qualification
- Grant Programs
- Jumbo Loans
- Community Loans
GMCC Special Programs Q&A
What are GMCC Special Programs?
GMCC Special Programs are unique mortgage products designed to cater to specific borrower needs, including non-QM loans, jumbo loans, and community opportunity loans.
How can I qualify for the GMCC Celebrity Grant?
To qualify for the GMCC Celebrity Grant, borrowers must be purchasing a home in California or Massachusetts, meet minimum LTV requirements, and not own another property at closing. The grant covers up to $15,000 in closing costs.
What documentation is required for GMCC Universe?
GMCC Universe does not require income documentation and uses Debt to Asset (DTA) ratio for qualification. Borrowers must provide a 1-month bank statement or VOD to cover down payment, closing costs, and reserves.
Can I use gift funds with GMCC Special Programs?
Yes, gift funds are allowed for down payment and closing costs in most GMCC Special Programs. However, there are specific guidelines regarding the source and documentation of gift funds.
What is the process for using Loannex for non-QM loans?
To use Loannex for non-QM loans, visit the GMCC website, navigate to 'Onboarding' and fill out the 'Loannex & OB request form.' Submit the necessary forms and pay the annual access fee of $240, which is refunded upon closing one file within 12 months.