|
PMI - Private Mortgage Insurance |
|
|
|
PMI - Private Mortgage Insurance |
|
|
Gateway uses Genworth, UIG or RMIC for Mortgage Insurance on it's loan files. These companies must review the full loan file prior to close. The following restrictions apply for all Conventional loans requiring PMI:
Mortgage Insurance Eligibility Matrix1 Primary – Owner-Occupied – Purchase and Rate/Term Refinances |
|||||
Property Type |
Max Loan Amt |
Stable Markets |
Declining Markets |
||
Max LTV/CLTV |
Credit Score |
Max LTV/CLTV |
Credit Score |
||
1 Unit |
$417,0002 |
95% |
680 |
90% |
720 |
2-4 Units |
Ineligible |
||||
| 1. | If Wholesale/TPO loan, then the following additional restrictions apply: |
| a. | Min. FICO 720 |
| b. | Max LTV 90% |
| 2. | Loan Amounts >$417,000 ineligible for Mortgage Insurance. |
Additional Restrictions:
AUS: Desktop Underwriter Approve/Eligible only. Levels are ineligible.
Ratios: Max DTI = 41%.
Reserves: 2 months PITI required on all loans.Ineligible Properties/Types: Cash-Out Refinance,
Manufactured Homes, 2nd Homes, Investment
Condominums:
700 min FICO
LTV <=90%
Investor Concentration <30%
Properties located in projects with presale less than 70% are ineligible
Condotels ineligible
Studio condominiums and condos with less than 600 sq ft are ineligible
Other conditions/restrictions may apply based on MI Underwriter Review of the full file.