Effective February 10, 2020, all new FHA, VA and USDA loans for the GSFA OpenDoors Program will require a minimum FICO of 620 and a maximum DTI of 55% with AUS approval.
For manual underwriting of FHA, VA and USDA loans, guidelines are as follows:
FHA Loans
Minimum FICO: 640
Maximum DTI: 43%
VA Loans
Minimum FICO: 640
Maximum DTI: 41%
USDA Loans
Minimum FICO: 640
Maximum DTI: 41%
The following guidelines apply to Conventional Loans for the GSFA OpenDoors Program, also effective February 10, 2020:
Borrowers ≤ 80% AMI (Area Median Income):
- Will have separate, more attractive pricing and DPA options; and
- Remain eligible for the Charter Level Coverage MI of the Freddie Mac HFA Advantage product.
Borrowers > 80% AMI:
- Minimum FICO: 680;
- Will have separate pricing and DPA options;
- Remain eligible for the Charter Level Coverage MI of the Freddie Mac HFA Advantage product; and
- No income limits.
Program Term sheets will be updated shortly.
For questions about this bulletin, please contact GSFA Client Relations toll-free at
