BK seasoning
requirements for all GMG loan products as follows:
Þ USDA 12mos out of discharge for BK 13, 3yrs
for BK 7
Þ Conventional 36mos out of BK 13
& BK 7
Þ FHA can still be in BK 13 but 12mos
elapsed with satisfactory pmts, 2yrs out of BK 7
however exception basis for >1yr <2yrs for BK 7
with extenuating circumstances
Þ VA 2yrs out of BK 7
or same as FHA with extenuating circumstances >1yr <2yrs
BK 13 same as FHA 12mos still in as long as satisfactory pmts
Þ
Foreclosure is 36 months across the board.
Happy Selling!
Justin
Perry
Sr. Underwriter
Gateway Mortgage Group
1255 W. 15th Street| Ste. 540|
972-908-3390 ext. 125| 918-392-8349 eFax
2/04/2010
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