Correspondent Updates

Gateway will now purchase conforming 97% LTV loans, subject to agency requirements.  Fannie Mae announced an increase in the maximum LTV, CLTV, and HCLTV ratios for certain principal residence transactions. Fannie Mae will offer 97% LTV financing to help home buyers...

Correspondent Updates

Effective 11/24/14:  Condominiums are allowed in Florida, except in the ineligible counties noted in the Client Guide.  Gateway will not approve condo projects or provide “spot” approvals.  Additionally, Age 55+ deed restrictions will be accepted, and the overlay for...

Correspondent Updates

Condo reviews, electronic signatures, and Goodbye Letter information are topics included in the most recent update to the Gateway Correspondent Client Guide and website.  Please review the updates to Chapter 4 and the Resource Center.

USDA Announcement

USDA recently announced their policy regarding 2015 fiscal year funding for Single Family Housing guaranteed loans. USDA Rural Development will issue Conditional Commitments “subject to the availability of commitment authority” until funds have been allocated. USDA RD...

Correspondent Updates

Summary of updates: USDA:  Minimum qualifying score reduced from 640 to 620 (GUS Accept required). VA:  Maximum LTV increased on Cash-out Refinance from 95% to 100%. VA:  The requirement for a 2055 appraisal on an IRRRL has been removed. Please direct questions to...