COVID-19 Flexibilities Coming to an End
Great News! All COVID-19 Overlays on FNMA/FHLMC/VA/FHA and USDA programs are removed. Please refer to the DU & LPA findings and product guidelines per loan transaction. This is also a reminder of particular flexibilities that are ending.
Loan Program Overlays Being Removed:
- Self-Employment Income and/or Reserves (Conventional/FHA/VA/USDA)
- Rental Income Reserves (Conventional/VA/USDA)
- Documenting Income on FHA/USDA Streamline and IRRRL Refinances
- Required Certifications
Reminder of Flexibilities that are Ending:
FHA, USDA, and VA Loans:
- The policy allowing the Verification of Employment to be completed by a supervisor or manager are ending for loans closing on or before June 30, 2021.
- The temporary policy allowing the use of an Exterior-Only Appraisal inspections and repair inspection report flexibilities on USDA loans are ending for loans closing on or before June 30, 2021
- FHA’s flexibility allowing the use of an Exterior-Only Appraisals inspections are ending for appraisals with an effective date on or before June 30, 2021 and repair inspection report flexibilities are ending for loans closing on or before June 30, 2021
Click below to read the entire bulletin.