Effective immediately, Gateway Mortgage Group has expanded the allowable LTV for the FNMA Conforming Fixed Rate product.
Previous Guideline:
- Max 95% LTV on Conforming Fixed Rate for primary residence purchase and limited cash-out transactions.
- 2% Financed MI allowed on base 95% LTV, for a total LTV of 97% on purchase transactions only.
New Guideline:
- Max 97% LTV* on Conforming Fixed Rate for primary residence purchase and limited cash-out transactions.
*either a base 97%, or base 95% plus 2% Financed MI
The borrower must make the full down payment from his or her personal savings. Gift funds are not allowed for the down payment. Gift funds from an acceptable source may be used to supplement closing costs, pre-paid’s and reserves, per specific FNMA and MI company guidelines.
Please direct questions to your Sales Manager.