May 26, 2020 | Bulletin #20-13
Guideline Update for GSFA OpenDoors Program
The following guideline updates to the GSFA OpenDoors Program are effective immediately:

Government FICO update
Gateway Mortgage Group has reduced its minimum FICO requirement on all newly locked FHA, VA and USDA loans for GSFA OpenDoors to 640.
 
Underwriting Guideline update
  • Max DTI 55%

Manual Underwriting Guidelines update
Program Term Sheets will be updated shortly.
Register for Live Webinars on
GSFA Down Payment Assistance Programs
Knowledge is key to being successful as a mortgage professional in today's market.

The more you know about down payment assistance programs, the easier it is to match borrowers with the right products to fit their needs.

Join GSFA for live webinars to learn program advantages and guidelines, how to process applications, key dates, marketing tools and much more.
Various dates and times throughout June are available. Click the link below to view availability and reserve your virtual seat.
Key Advantages of GSFA Down Payment Assistance Programs
  • Down payment and/or closing cost assistance, up to 7% of the First Loan Amount.
  • Borrower DOES NOT have to be a first-time homebuyer to qualify.
  • Flexible FICO, DTI and Income Limits.
  • Variety of First Mortgage Products available, from FHA, VA, USDA to Conventional Loan Financing.
  • No additional compliance review from GSFA required, making the process easy and fast.
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Program Bulletins are intended for mortgage professionals only. This is not an offer for extension of credit nor a commitment to lend and is subject to change without notice. Complete program guidelines, loan applications, interest rates and annual percentage rates (APRs) are available through GSFA Participating Lenders.

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