FICO Update:  All Government Loan Programs

March 25, 2020

FICO Update:  All Government Loan Programs

 

Due to current market conditions, effective today March 25, 2020, Gateway First Bank Correspondent Lending is temporarily requiring a minimum FICO score of 680 on all newly locked Government loan programs.  This includes FHA, VA, USDA, HUD-184, SETH Goldstar, CAFA Gold 100, and the GSFA Open Doors programs.  Government loans currently locked prior to today March 25, 2020, will be eligible for extensions based on Gateway’s published extension policy, as outlined in Chapter 3 of our client guide.  Gateway continues to monitor volatility and will provide updates and guidance throughout the market turmoil.  Thank you for your partnerships and patience during these challenging times that are having an impact on your business and our industry; we are all in this together.

In the meantime, please prepare your borrowers for a variety of scenarios and potential rate changes throughout the day.  We are committed to keeping you apprised of any and all changes.

*Please note, these FICO changes do not include the Texas Veterans Land Board Program

 

Please direct any questions to your Regional Sales Manager

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