As previously announced in Gateway’s announcement dated August 14th, 2019, Gateway has updated the VA Refinance guidelines with respect to GNMA’s publication of APM 19-05, Revised Pooling Eligibility Requirements for VA Refinance loans. The last day Gateway will purchase High LTV VA Cash-Out Refinances above 90%, is October 4, 2019. In addition, the first payment due date MUST be on or before November 1, 2019 for loans purchased by the October 4, 2019 deadline. Since VA has only two categories of refinances – a streamlined product (VA IRRRL) and a cash-out product (Type I and Type II VA Cash-out Refinance) all VA Refinances that are not considered IRRRLs or fall into the construction loan exception, are now subject to the 90% LTV restriction. Gateway will continue to purchase streamlined VA IRRRL Refinances up to 100% after the above date, as they are excluded from the High LTV Cash-out Guideline.
VA High LTV Cash-out Loans (LTV > 90%) must be delivered to Gateway for purchase by September 23rd, 2019 and purchased by October 4th, 2019.
Please direct any questions to your Regional Sales Manager