Overview of GMCC Hermes Non-QM & Bank-Statement Mortgage Programs
The GMCC Hermes program is designed to serve self-employed borrowers, real estate investors, and freelancers who face challenges qualifying for traditional mortgages based on conventional income documentation. As a Non-Qualified Mortgage (Non-QM) solution, it offers flexible underwriting that leverages verbal verification of employment (VOE), limited documentation requirements, and a streamlined income calculation method based on 3 months of personal bank statements, counting 100% of deposits.
By focusing on actual cash flow and offering generous loan-to-value (LTV) options up to 75% for standard loans and 80% through the Hermes CRA product, GMCC Hermes bridges gaps for borrowers with complex or non-traditional income sources across various regional markets. The program’s flexible documentation and competitive pricing cater to diverse housing markets, providing accessible financing for owner-occupied and investment properties.
How the GMCC Hermes Program Serves Regional Markets
The GMCC Hermes program adapts well to the unique characteristics of different state markets, helping borrowers in key regions overcome localized challenges:
- California
Major metro areas such as the Bay Area, Los Angeles, and San Diego have some of the highest concentrations of self-employed individuals in the U.S. In these markets, the Hermes program’s flexible income verification enables many entrepreneurs, freelancers, and small business owners to buy or invest amid high housing costs. - New York & New Jersey
These states feature complex borrower profiles, including high-income earners with intricate tax situations, self-employed professionals, and immigrant populations. The ability to qualify through bank statement income and verbal VOE accommodates those with irregular documentation or sophisticated financial setups. - Texas
Texas boasts robust real estate investment activity and growing self-employed populations. The Hermes program supports this dynamic market by providing flexible financing that matches demand for competitive rates and higher leverage. - Washington DC
With a large federal workforce alongside a thriving self-employed and consulting community, Washington DC borrowers benefit from income flexibility and fewer paperwork hurdles, making the Hermes solution particularly effective. - Virginia, Georgia, Illinois
In these markets, GMCC’s Hermes CRA product shines by offering financing up to 80% LTV, making homeownership and investment acquisition more accessible to borrowers who prefer higher leverage while maintaining solid underwriting standards.
Each state’s unique economic and demographic landscape intersects with GMCC Hermes’s flexible underwriting, ensuring borrowers can pursue their homeownership and investment goals more easily.
GMCC Hermes Program Features (Uniform Across States)
Regardless of location, the Hermes program consistently offers these powerful borrower benefits:
- Verbal VOE Verification
The program accepts verbal confirmation of employment or business activity, significantly lowering traditional documentation burdens. In many cases, this also means waiving the usual requirement for profit-and-loss (P&L) statements, simplifying qualification. - Three Months of Personal Bank Statements
Only 3 months of personal bank statements are required, with 100% of all deposits considered income. This approach offers a clear and fair representation of a borrower’s real cash flow, avoiding reliance on potentially distorted taxable income figures. - Loan-to-Value and Pricing
For most loans, GMCC Hermes supports up to 70% LTV, with a minimal 0.25% “rental hit” rate increase applied to investment properties to address added risk. The Hermes CRA product elevates the LTV ceiling to 80%, catering to borrowers seeking higher leverage under responsible underwriting guidelines.
Documentation & Eligibility Requirements
GMCC Hermes maintains a consistent and transparent set of eligibility criteria and documentation requirements throughout its states of operation, including:
- Credit Score: Minimum credit scores typically start around 620, reflecting moderate to good credit standing.
- Income Verification: Qualification through 3 months of personal bank statements with 100% of deposits counted, combined with verbal VOE to confirm employment or self-employment status.
- Profit & Loss Statements: Generally not required unless requested; borrowers can often bypass this with sufficient deposit and employment verification.
- Residency & Property Location: Borrowers must purchase or refinance properties located within the eligible counties of the covered states.
- Reserves: Sufficient cash reserves are typically required per lender guidelines, generally ranging between 3 to 6 months of payments depending on loan size and property type.
These uniform requirements streamline the application process and provide predictability for borrowers and brokers alike.
Loan-to-Value & Rate Adjustments by State
GMCC Hermes distinguishes two main LTV tiers:
- 70% LTV Standard Loans: This is the base LTV limit for Non-QM loans across most states with a slight 0.25% rental loan rate adjustment (“rental hit”), which compensates for the increased risk of financing investment properties while keeping rates competitive.
- 80% LTV Hermes CRA Loans: Offered in select states (notably Virginia, Georgia, and Illinois) this option lets borrowers leverage greater financing power without dramatically increasing rate costs. This higher LTV product is designed for creditworthy borrowers who want to maximize purchasing capacity.
Borrowers in all covered states benefit from these consistent LTV options and transparent pricing adjustments, enabling informed borrowing decisions based on their property type and financial goals.
Program Availability by State
The GMCC Hermes program is available countywide in the following states and jurisdictions:
- California
- Colorado
- District of Columbia
- Georgia
- Illinois
- Nevada
- New Jersey
- New York
- Texas
- Virginia
- Washington
This broad geographic footprint ensures borrowers in many of the nation’s most active real estate markets have access to the flexible income verification and competitive loan structures offered by Hermes.
Conclusion — Choosing the Right State-Specific GMCC Hermes Option for Your Needs
GMCC Hermes Non-QM and bank statement mortgage programs provide a comprehensive, flexible suite of loan products built to meet the demands of self-employed borrowers, investors, and freelancers nationwide. By understanding the unique market demographics and economic nuances of states such as California’s entrepreneurial hubs, New York and New Jersey’s complex borrower profiles, and Texas’s fast-growing investor base, borrowers can better navigate available options.
With consistent benefits like verbal VOE, reduced documentation requirements, and up to 80% LTV financing via the Hermes CRA program, this solution balances responsible lending with borrower access. Prospective applicants should partner with knowledgeable mortgage brokers familiar with state-specific program nuances to maximize benefits and streamline approvals based on their unique borrowing needs and geographic location.
