
COVID-19 Guidance
Due to current market conditions, temporary changes to our employment re-verification process are necessary to manage risk. The changes below apply to loans underwritten.
HUD announced today that they have changed the effective date. The new guidelines are now effective with any case assignment dated on or after August 12th.
Income
Wage Earners
Self Employed – Full Doc Conventional
Self Employed – Full Doc VA
Self Employed – Full Doc FHA/USDA
Rental Income Support
Rental Income Support – FHA
Forbearance – Conventional Loans
Borrowers who are currently or have been in forbearance, are acceptable in certain cases:
Forbearance – FHA, VA, USDA Loans
Temporary Appraisal Guidance-Conventional Loans
A Drive by Appraisal is acceptable if the loan fits within the below metrics:
Appraisal Guidance-FHA/VA/USDA Loans
FHA/USDA:
VA:
Age of Documentation- Conventional Products
Age of Documentation- FHA/VA/USDA Products
COVID-19 Borrower Certification:
The Last Day to Lock with Current LLPA’s is Tuesday, March 1
Disaster Declaration for the State of Washington – Update #2 On January 5, 2022, the Federal Emergency Management Agency (FEMA) has issued a major disaster declaration for the State of Washington affected by flooding and mudslides from November 13, 2021, to November 15, 2021. On January 27, 2022, with Amendment No. 1 and No.2, FEMA
The Federal Emergency Management Agency (FEMA) has issued a major disaster declaration for the State of Kentucky due to severe Storms, tornadoes, and Flooding from December 10, 2021, and continuing.
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