Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
FHA, VA Join Others in Easing Appraisal Standards ☘ Hoey Team ☘ eXp Realty
Dated: April 1 2020
Government agencies are relaxing some requirements to help keep real estate transactions and refinancings moving forward. Last week, Fannie Mae and Freddie Mac announced they were easing standards for both property appraisals and employment verifications for loans they are purchasing, in light of the COVID-19 pandemic.
The Federal Housing Administration and Department of Veterans Affairs have also recently announced similar moves. The government agencies said they would allow for alternative appraisals and income verifications since both are more difficult to complete as the outbreak spreads across the U.S.
The FHA and VA said late Friday that they will permit exterior-only appraisals, also referred to as drive-by appraisals. Also, in some cases, they will permit alternative methods to complete an appraisal where the appraiser doesn’t examine the property at all. Instead, the appraiser may rely on public records, multiple service information, and third-party data sources to identify property characteristics.
The VA’s new appraisal rules apply to mortgages for home purchases and refinancings.
“The potential risks associated with COVID-19 provides unique challenges in the appraisal process as VA fee panel appraisers may be required to access the interior of homes,” the VA said in a statement. Therefore, the VA is changing its “long-standing practice of requiring access to the interior of the home for certain types of loans and characteristics of those loans. … Considering the health and safety of veterans and VA Appraiser Fee Panel members during this national emergency, valuations may come in a form of an exterior-only appraisal with enhanced assignment conditions or in limited instances, a desktop appraisal.” The VA said it will return to normal operations for appraisals and income verifications as soon as the national emergency lifts.
The FHA also approved appraisers to use “exterior-only or desktop-only appraisal inspections” as a substitute for interior inspections during this time for home purchases and refinancings.
Also, the agencies—like Fannie Mae and Freddie Mac did before them—announced easing their employment verification policies. “Many employers have suspended non-essential operations in compliance with state and local government directives,” the FHA said in a statement. “This has hampered the ability of mortgagees to fully comply with FHA requirements for reverification of employment, either verbal or electronic, to be completed within 10 days prior of the date of the note.”
Borrowers applying for an FHA loan can now use multiple methods to verify their employment, such as year-to-date pay stubs or direct electronic verification of income dated immediately prior to the note date or a bank statement showing a direct deposit from the borrower’s employer for the pay period that immediately precedes the settlement date.
Article content from our National Association of REALTORS (NAR) Newsletter Magazine, and from other sources including Hoey Team ☘
NOTE for Buyers and Sellers: On our "VIRUS FREE" Hoey Team ☘ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed 3D VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS without any Coronavirus; COVID-19 worries right HERE: ? www.SWFLVRE.com ? ?
For more Real Estate related information as we go throught this COVID-19 experience, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
P.S. --> If You'd like for me to create a regular Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details. We can visit the property and record you a video, or, if you want, we can do a one on one Facebook Live Showing: https://barryhoey.exprealty.com/
Hope Everyone Remains Safe; we are all in this together; and we trust that we will get through this Coronavirus COVID-19 pandemic more united, as one with as little loss as possible.
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
“Please Share this and our informational website with anyone who you think the info will help.
Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can.
Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats. Thanks, Barry & Kim ☘”
"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....
Latest Blog Posts
A price increase of almost 20% year-to-year is unheard of – until now. Home prices hit record highs in 19 of the 20 cities included in monthly Case-Shiller reports.WASHINGTON (AP) ;
Today’s market isn’t like the boom-bust cycle leading up to the Great Recession: Tough loan standards are the norm, plus many factors have kept housing supply low.MCLEAN, Va. –
Hello,Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ hope that you and yours are doing good; wherever you are located at this time.Hot off the press