Subject:
Important USDA Changes
As you know there have been many changes with the
mortgage markets over the past 2 years or so. As of Nov 1st
USDA has changed some of their standards as is discussed in the attached
document. Effective Immediately Gateway Mortgage will not accept new USDA
loans with Fico less than 640. For all loans in the pipeline with a fico
of 640 or lower with an approval or a conditional commitment these loans must
close and fund by December 15th. Please see USDA PAGE or click
for RD AN no. 4543.
Steve Peters
COO/ CCO
Gateway Mortgage Group LLC
(972)908-3390--Dallas
(918)392-8334--FAX
steve.peters@gmos.us
11/22/2010
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