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MGIC Go! streamlined mortgage insurance for Agency Approve/Accept loans up to 97% LTV
Navigate to: Go! requirements | Borrower benefits
Our MGIC Go! streamlined mortgage insurance program is the fastest, simplest way to get MI with DU® or Loan Product Advisor®.
Unclutter the MI process for DU Approve/Eligible and Loan Product Advisor Accept/Eligible loans, as well as Approve or Accept loans that receive an Ineligible AUS delivery response due to LTV or loan type.
Process and underwrite eligible loans according to AUS Findings/Feedback requirements for:
- Documentation
- Tradelines, credit history
- Borrower contribution, including gift funds
- Reserves
- Other criteria
Apply just a few Go! requirements1
Apply the following overlays. Otherwise, refer to the respective Agency selling guide for requirements the Findings or Feedback don't provide.
Separate requirements apply to properties in Guam and Puerto Rico and housing finance agency loans. See additional Go! underwriting summaries in the Library section of the column at right.
Approve/ or Accept/Eligible loans
- Maximum LTV/CLTV, 97%/105% for primary residences and second homes; 85% for investment properties
- Minimum credit score, 620 for all LTVs2
- Total DTI > 45% – Minimum credit score 700; see MGIC Underwriting Guide (UWG) section 2.03.03
Approve/ or Accept/Ineligible loans
- Maximum LTV/CLTV, 97%/97% for primary residences; 90%/90% for second homes (Investment properties are ineligible)
- Minimum credit score, 620 for all LTVs3
- Total DTI > 45% – Minimum credit score 700; see UWG 2.03.03
- Manufactured homes — Second homes are ineligible
- Loan type — fixed-rate or fully amortizing ARM with an initial term of 5 years or more4
How Go! streamlined mortgage insurance can benefit your borrowers
The fastest way to move-in day for your HomeReady® and Home Possible® loans
Fannie Mae's HomeReady and Freddie Mac's Home Possible and Home Possible Advantage® programs provide tremendous options for borrowers putting less money down. MGIC Go! streamlined mortgage insurance is the fastest way to get MI on these affordable lending products.
Learn more about HomeReady.
Learn more about Home Possible.
97% LTV conventional loans offer big savings
MGIC Go! will cover 3% down payment loans with credit scores down to 620. Buyers who finance a conventional 97% LTV mortgage with Go! will benefit from:
- Less money down
- Lower loan amounts
- Ability to cancel
Increase buying power with a gift
MGIC Go! allows 100% gifts toward the down payment. Follow Findings/Feedback when it comes to source of funds and the amount of borrower's own funds required.
1 Subject to MGIC Underwriter discretion
2 Use the lowest Borrower Indicator Score (Representative Credit Score) among all borrowers with an Agency-acceptable credit score to determine eligibility and premium rates. See the UWG, section 2.03. If no borrower has an Agency-acceptable credit score:
- Follow the respective Agency's requirements for nontraditional credit; see UWG 2.03.03
- The loan must receive a DU Approve/Eligible or Loan Product Advisor Accept/Eligible response to be Go!-eligible
3 All borrowers must have an Agency-acceptable credit score. Use the lowest Borrower Indicator Score (Representative Credit Score) among all borrowers to determine eligibility and premium rates. See UWG 2.03. Ineligible: If any borrower has no credit score, see UWG Section 3
4Qualify ARMs per UWG 3.04.02
5 Ineligible due to LTV or Loan type
MGIC Go!TM is an MGIC trademark. DU® and HomeReady® are registered trademarks of Fannie Mae. Home Possible® and Home Possible Advantage® are registered trademarks of Freddie Mac; Loan Product Advisor® is a registered service mark of Freddie Mac.
