# Gateway Correspondent Lending to Begin Purchasing VLIP Loans!

Source: https://www.gatewaycorrespondent.com/announcements/gateway-correspondent-lending-to-begin-purchasing-vlip-loans

Effective immediately, the new down payment assistance (DPA) enhancement to FNMA HomeReady and FHLMC Home Possible products for very low-income purchase (VLIP) borrowers, are now eligible with Gateway Correspondent Lending.

Borrowers may receive $2,500 in assistance, if the loan meets certain parameters:

**Borrower Annual Income –** Cannot exceed 50% of the area median income.
**Closing Disclosure –** CD Page 3 Section L must show $2500 VLIP Credit
**UCD Findings –**FNMA and FHLMC UCD Findings must show $2500 VLIP Credit to the borrower
**Homebuyer Education – **Required if one borrower is a first time homebuyer and must be completed prior to loan closing
**Purchase Advice – **VLIP Credit will show on your purchase advice.
**Guidelines – **Must meet HomeReady or Home Possible Guidelines

For complete details, please refer to the Fannie Mae HomeReady and Freddie Mac Home Possible Product Descriptions at [www.gatewaycorrespondent.com](http://www.gatewaycorrespondent.com/) in Chapter 5 of our Client Guide.

Please direct any questions to your [***Regional Sales Manager***](http://www.gatewaycorrespondent.com/contact/sales/)