New guideline will go into effect for Monday Sept. 20^th.  This will be for new loans submitted 9/20/2010 or after.  Thank you

Þ 660 and under fico First time homebuyer (or has not owned home in 7+ years)—FHA ONLY

Þ Down payment must come from personal funds (3.5%) the closing cost may be a gift or a seller contribution

Þ 2 mo PITI must be proven in assets either in liquid cash or investment account/ 401K account, IRA…etc

Þ DTI cannot exceed 45%

Þ no collections/ charge offs in last 24 months

Steve Peters

COO/ CCO

Gateway Mortgage Group LLC

9/14/2010

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