Generation Plus Product Guide
Eligible Property Type
• Single Family Residences
• Townhouse (Row House)
• PUD (Planned Unit Development)
Property Values
Minimum $500,000 Maximum $6-miillion
10% Reduced PLF for loans > $3-million
20% Reduced PLF for loans > $5-million
Amortization Type / Payment Plan
Fixed Rate Only with all loans to be paid as a cash Advance.
(Intial draw only)
Counseling
HECM Counseling Certificate. Telephone counseling acceptable.
Origination Fee
1.5% of the principal limit at Closing.
Servicing SetAside
$25 monthly charge only (no servicing SetAside).
Preliminary Title Report
Subject Address Certificate and Tax Certifificate are required.
Appraisal Requirements
GMC Corporate Underwriting will flow standard FHA/HECM appraisal guidelines. GMC will require internal photos on all subject properties.
Second Appraisal Requirements
All loans require a second appraisal. The cost of which will be incurred by GMC. Any adjustment to value required by the underwriter will be taken off the lowest appraisal.
Repairs
All FHA/HECM repair guidelines apply to the GenPlus Product.
Mortgage Type
Purchases and Refinances are allowed.
Credit Issues
Credit Report: Minimum 700 FICO score average is required for each borrower to be eligible for the GenPlus Product.
Bankruptcies (BK)
Borrowers with currently active or ‘Dismissed’ / ‘Discharged’ BK in the last five years are not eligible for the GenPlus product.
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