Subject: First Time Home Buyers - Tip of the day

FHA-

First Time Homebuyer must meet all but 1 of the following:

o Maximum 45% DTI

o Minimum 1 month PITI documented reserve

o Down payment must come from borrower personal funds (3.5%)

o No collections/charge‐offs in last 12 months

o Maximum payment shock 50%

USDA –

Maximum 45% DTI

• Minimum 2 months PITI documented liquid reserves

Thank You!

Neil Johnson

Gateway Mortgage Group

National TPO Operations Manager

4201 N. State Hwy 161

Irving, TX 75038

neil.johnson@gatewayloan.com

Office: 972-908-3390  ext. 118

fax# 918-858-8392