DU Refi Plus loans with certificates dated between April 4, 2009 to May 2, 2009, on condominiums, Planned Unit Developments (PUDs) and cooperatives (co-ops) must be warranted according to either the DU certificate or meet the requirements listed in the Seller Guide.
 

DU Refi Plus loans with transferred mortgage insurance (MI) policies are not eligible.  GMG will underwrite only those loans with MI waivers or new MI policies only.

 

DU Refi Plus refinances of loans not currently serviced by GMG are subject to the following:
 

       - Minimum 620 credit score required regardless of DU decision ***

       - 0 x 30 mortgage late payment history

       - Bankruptcy discharge must be seasoned for at least 48 months

       - Foreclosures must be seasoned for at least 84 months

       - A payoff demand is required in the file to document the current servicer
 

All other standard guidelines apply.

 

*** If Gateway is the current servicer of the loan, credit scores under 580 will be considered.  VP Ops, VP Credit, or CCO/COO are the only persons eligible to sign off on credit scores under 580.  If Gateway is not the current servicer, mid credit score must be 620 or greater.