Single-Family Bulletin #19-09 - GSFA MCC Program Update

June 18, 2019 | Bulletin #19-09

Update to GSF A MCC ^® Program Fees

Effective July 1, 2019, the following fees will apply to GSFA MC C ^® Program reservations:

MCC Application Fee:

$450 for MCCs combined with GSFA DPA first mortgage loans.
$650 for MCCs combined with non-GSFA first mortgage loans.

MCC Re-issuance Fee:

$550

These fees, payable to GSFA, may be made by Borrower, Lender or Seller in the form of a corporate or cashier’s check. MCC fees may not be financed.

Additional Resources:

Reminder for Upcoming GSFA Ope nDoors ™

Lender Training Webinars

GSFA is now offering online training webinars for the GSFA OpenDoors™ Program. These webinars will cover program advantages, guidelines and steps for becoming a Participating Lender.

June 19, 2019 | 10-11 AM PDT

June 26, 2019 | 10-11 AM PDT

June 27, 2019 | 2-3 PM PDT

July 02, 2019 | 10-11 AM PDT

The Program is designed to provide up to 7% in down payment and/or closing cost assistance in conjunction with FHA, VA, USDA and Conventional financing. The Program features some enhancements to credit score requirements, debt-to-income ratios and pricing.

Training Recommended for:

Loan Officers, Originators, Processors and Underwriters

The Program will be available to Correspondent Lenders of Gateway Mortgage Group as the Program's Master Servicer.

Program Bulletins are intended for mortgage professionals only. This is not an offer for extension of credit nor a commitment to lend and is subject to change without notice. Complete program guidelines, loan applications, interest rates and annual percentage rates (APRs) are available through GSFA Participating Lenders.

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