Due to continuingly tightened Conventional guidelines, all Conventional loans not currently locked are subject to the following:

 

Conventional loans only…loans with DTI between 45 & 50% require special exception from Kim Boren or Whitney Barth.  Such exception must be granted prior to loan being approved.  In the case where the DTI changes, based on verified income documentation in the file, the Underwriter will seek said exception.  No conventional loan may close with DTI between 45 & 50% without exception being given by Kim Boren or Whitney Barth. 

 

Assuming exception is granted, Conventional loans with DTI between 45.01 and 50% will be subject to a 1.5% (150bps) price adjustment, which will be added to the lock by the Secondary Department.

 

Conventional loan DTI limit is 50%.  No conventional loan will be accepted where the DTI exceeds 50%.

 

 

 

J. Whitney Barth

VP Operations

Gateway Mortgage Group LLC

972.908.3390 x101 p

918.392.8336 f

1/14/2010