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 in Chapter 5 of our Client Guide.

Please direct any questions to your Regional Sales Manager