# Government and Specialty Loan Program Updates

Source: https://www.gatewaycorrespondent.com/announcements/government-and-specialty-loan-program-updates

**Government FICO Update**

Gateway First Bank Correspondent Lending is amending the March 25, 2020 announcement requiring a 680 minimum FICO score on all Government loan programs.  Effective immediately, Gateway has reduced its minimum FICO requirement on all newly locked Government loan programs to **640**.  This includes FHA, VA, USDA, HUD-184, SETH Goldstar, CAFA Gold 100, and GSFA Open Doors loan programs.

**Underwriting Guidelines for all Government Loans:  **


- FHA, VA and USDA** = Max DTI per AUS Approval**
- SETH Goldstar, CAFA Gold 100 and GSFA Open Doors **= Max DTI 55%**** **


**Manual Underwriting Guidelines for all Government Loan Programs:  FHA, VA, USDA, HUD-184, SETH Goldstar, CAFA Gold 100, and GSFA Open Doors programs:**

[](https://www.gatewaycorrespondent.com/wp-content/uploads/2020/05/Correspondent-Table-Announcement-5.26.20.jpg)

**Specialty Lending Program Updates **


- >80% AMI will no longer require charter MI
- >80% AMI will require standard MI per Loan Product Advisor (LPA)
- Minimum Fico remains at 680 for borrowers with >80% AMI
- No DPA option will return for borrowers with <80% AMI


**Helpful Resources**


- Gateway has published a Government Refinance Matrix, within Chapter 5 of our Client Guide located [here](https://www.gatewaycorrespondent.com/wp-content/uploads/2020/05/Correspondent-Government-Refinance-Matrix-5-22-2020.pdf)
- Gateway has published a list of Frequently Asked Questions on our website in response to COVID-19 [FAQs](https://www.gatewaycorrespondent.com/wp-content/uploads/2020/05/Gateway-COVID-19-FAQ.pdf)


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

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