Frequently Asked Questions
The most direct answers to common questions about applications, products, timelines, and fees.
Where can GMCC serve me?
Our office is in Newton, MA, and we primarily serve New England — Massachusetts, New Hampshire, Rhode Island, Connecticut, Maine, and Vermont. As a GMCC branch, we can assist clients in 49 U.S. states.
What credit score do I need to apply?
Different products have different score expectations:
- Conventional: 620+ (680+ recommended for under 20% down)
- FHA: minimum 500 (with 10% down); 580+ recommended
- Jumbo (AMAZING program): 680+
- Non-QM / Bank Statement: 660+
- Foreign National: weighted toward assets and down payment
Approval depends on credit history, down payment, and income.
What is the minimum down payment?
- Conventional first-time: from 3%
- FHA: 3.5%
- VA (veterans): 0%
- Jumbo: 20% (AMAZING program)
- Non-QM: 20%–30%
- Foreign National: 25%–40%
Plan for Closing Costs (typically 2–5% of the loan amount) on top of the down payment.
How fast can I receive a Pre-Approval Letter?
Typically 24–48 hours after we receive complete documentation. The letter does not lock the rate, but listing agents and sellers usually take Pre-Approved offers more seriously.
Can self-employed borrowers apply?
Absolutely — self-employed borrowers are among our most-served clients. Programs include:
- Bank Statement Loans: 12–24 months of statements in place of W-2 / tax returns
- Non-QM Asset Depletion: monthly income calculated from financial assets
- P&L loans: business profit-and-loss in place of full tax documentation
Can foreign nationals (foreign passport holders) apply?
Yes — see the Foreign National page. We accept foreign passports, B/F/H/J/L visas, and overseas bank assets and income. Down payments are typically 25–40%.
Will my rate change after approval? How do rate locks work?
You can request a rate lock after your purchase contract is signed — typical lock windows are 30/45/60 days. Once locked, market movements no longer affect you. If your closing extends beyond the lock period, an Extension Fee may apply. Your advisor will recommend the right time to lock.
What are typical Closing Costs?
Closing Costs typically run 2–5% of the loan amount and include appraisal, title, attorney, homeowners insurance, prepaid property taxes, government fees, and lender charges. You will receive a Loan Estimate and Closing Disclosure listing every item before funding.
Can I use a loan to buy an investment property?
Yes. Programs designed for investment property include:
- DSCR loans: underwritten on whether rental income covers debt service — no personal income required
- Bank Statement and Non-QM: also support investment property
- 2–4 unit multi-family: eligible; some can qualify as house-hacking primary residences
I already have a mortgage — can I refinance?
Yes. Refinances come in two flavors: Rate & Term Refinance (change rate / term, no cash out) and Cash-Out Refinance (extract home equity for other goals). With reasonable equity and qualifying credit, both are viable. We are happy to run a comparison for you.
What if I need help after closing?
We are a licensed direct lender, so post-closing your loan continues to be supported by GMCC's in-house team. For any servicing question — payment, refinance, escrow, insurance — call Vivian or our team at 781-864-1200.
I haven't picked a home yet — can I still ask about loans?
Strongly encouraged! Pre-approval is best done before you start house hunting. Knowing your loan ceiling helps you focus your search and submit competitive offers. Please contact us any time.