Special offer

USDA Requirements during Covid-19

By
Mortgage and Lending with CMG Home Loans NMLS 248937

 

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, 

Comments (0)