Disaster Declaration for the State of Maine
Disaster Declaration for the State of Maine FEMA Notice Date: March 20, 2024 On March 20, 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.
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
Effective: These policies became effective for loans with application dates on or after April 14, 2020 and are effective until further notice.
In order to ensure that the most up-to-date information is being considered to support the borrower’s ability to repay, we are updating our age of documentation requirements for all loans (existing and new construction) as follows:
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 Maine FEMA Notice Date: March 20, 2024 On March 20, 2024, the Federal Emergency Management Agency (FEMA) declared that
Disaster Declaration for the State of Rhode Island FEMA Notice Date: March 20, 2024 On March 20, 2024, the Federal Emergency Management Agency (FEMA) declared
Disaster Declaration for the State of California FEMA Notice Date: February 19th, 2024 On February 19, 2024, the Federal Emergency Management Agency (FEMA) declared that
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