Effective November 1, 2012
Please visit Gateway Mortgage Group’s Correspondent website (www.gatewaycorrespondent.com) to review Gateway’s updated overlay matrix. There are important changes and clarifications that require attention.

Transactions that qualify under the previous version of the overlay matrix must be locked by 10/31/12.

Some examples of changes are listed in the bullet points below. The list does not include all of the updates that have been made. Please contact your account executive with questions.

  • Maximum DTI restrictions on FHA/VA/USDA/HUD 184: New DTI restrictions have been added. Credit score and reserve requirements are detailed in the overlay matrix.
  •  FHA 203K Streamline Requirements: The items include the need for Gateway prior-approval to originate the product, no self-help work allowed, maximum timeframe to finish repairs is 60 days, and no gift funds.
  •  FHA/VA/USDA/184 Streamline clarification: The overlay now includes income options.
  •  97% LTV Transactions: The requirements have been clarified to ensure Clients are aware this program is only available for Purchase transactions with a base 95% LTV plus 2% financed MI, not to exceed 97% LTV.
  •  Loan Amount Clarification on FHA/USDA/HUD 184:  The maximum loan amount is the lesser of $417,000 or applicable county/agency limit.