I discussed Covid 19 appraisal issues in my previous blogs about Conventional and VA appraisals here: https://activerain.com/droplet/5mMF
and here: https://activerain.com/droplet/5mMD
for FHA as well: https://activerain.com/droplet/5mPx
The USDA just came out with Guidance on Appraisals and Employment as well:
In response to situation caused by COVID 19, USDA has issued the following temporary guidance which is effective IMMEDIATELY (and are in effect for 60 days from March 27th). The full notice is also attached for your reference.
APPRAISAL
- An exterior only appraisal will be permitted for purchase and non-streamline transactions.
- NOT available for new construction or construction to perm
- Streamlines and streamline assisted refinances do not require an appraisal.
REPAIR INSPECTION
- A letter from the borrower confirmation completion of repairs, along with other evidence of completion such as paid receipts, photographs, permits etc., will be permitted in lieu of an appraisal re-inspection.
EMPLOYMENT/INCOME
- The guidance provided by USDA is consistent with the Homebridge requirement. Accordingly following the Homebridge requirements will satisfy USDA. Effectively Lenders will not only have to perform a verbal employment verification prior to closing, they will also have to verify the income stream has not changed materially.
- In most cases Unemployment will NOT be an allowable figure for qualifying since it is only temporary. (this applies to all loans, not Just USDA)
Call me for all your residential lending needs!
Robert Rauf
Mortgage Loan Originator NMLS# 248937
http://www.homebridge.com/RobertRauf
or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 Cell (732)740-0175
RRauf@HomeBridge.com
www.RobertRauf.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 9 Grand Ave, Building 2 Suite A Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.Homebridge.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood 08722 Bayville 08721,
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