Please review the updated Overlay Matrix posted to Gateway’s Correspondent website today. The changes are effective December 16, 2013. A summary of the updates is listed below.
- Construction/Perm single or one-time close loans which utilize a modification agreement or construction loan rider are ineligible.
- Down Payment Assistance overlay updates.
- Changes to the down payment overlay for Conventional loans.
- Additional ineligible property types added to the Overlay Matrix.
Please direct questions to your sales manager