Disaster Declaration for the State of Michigan
Disaster Declaration for the State of Michigan FEMA Notice Date: February 8th, 2024 On February 8, 2024, the Federal Emergency Management Agency (FEMA) declared that
Due to current market conditions, temporary changes to our employment re-verification process are necessary to manage risk. The changes below apply to all loans underwritten.
For Agency,
For VA
Effective for all new submissions November 1st and later. For FHA, there is quite a few changes that were just rolled out. We are releasing these changes now, so you can review and educate yourself and your brokers. As stated, these changes will take effective for any loan submitted INTO Underwriting November 1st and after.
Income
Wage Earners
Self-Employed – Full Doc Conventional
Self-Employed Full Doc VA
Self-Employed – Full Doc FHA/USDA
Self-Employed – All Products
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 & USDA loans (all financed properties)
Forbearance – VA Purchase and Rate and Term Refinances
Forbearance – VA IRRRLs
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:
Please contact your Account Representative if you have any questions.
Disaster Declaration for the State of Michigan FEMA Notice Date: February 8th, 2024 On February 8, 2024, the Federal Emergency Management Agency (FEMA) declared that
Disaster Declaration for the State of Maine FEMA Notice Date: January 31, 2024 On January 30, 2024, the Federal Emergency Management Agency (FEMA) declared that
Disaster Declaration for the State of Rhode Island FEMA Notice Date: January 7, 2024 On January 7, 2024, the Federal Emergency Management Agency (FEMA) declared
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