FHA Loan Limit
Effective with case numbers assigned on or after January 1, 2020, Gateway Mortgage will begin accepting locks with the higher FHA loan limits. Please refer to FHA Mortgagee Letter 2019-19 as well as FHA Info #19-59 for the county limits in your area.
VA Loan Limit
For VA loans guaranteed on or after January 1, 2020, the maximum loan amount Gateway will purchase is $1 million dollars (excluding the VA funding fee) without a down payment and with an AUS approval.
As a reminder – for VA Cash-Out Refinances Gateway has a maximum LTV of 90.00%. The only exceptions are loans that fall into the construction loan exception as outlined in GNMA’s APM 19-05 and VA Circular 26-19-05.
For veterans with previously used entitlement, Conventional Loan Limits (CLL) should be used when calculating the maximum amount of entitlement available for the eligible veteran, per VA requirements.
Gateway continues to require all VA loans adhere to the 25% minimum coverage requirement.
Please direct any questions to your Regional Sales Manager