
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.
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.
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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