Effective for loans with Note date 03/26 or after – IRS ROA transcript requirements temporarily suspended.
FNMA/FHLMC/FHA/VA
- For loans where 2018 (and 2017 if applicable) returns are provided – provide evidence all taxes owed have been paid in full or proof of refund was received.
- For loans where 2019 returns are provided – provide evidence returns have been filed and received by the IRS and evidence all taxes have been paid in full if applicable.
USDA
- Most recent 2 years tax returns are required for all eligible household members. The above document is required
- The file must contain evidence that transcripts were unable to be obtained. A response from the vendor may be acceptable to meet these requirements.
VA
Appraisal alternatives must comply with VA circular 26-20-11
- For all transactions when the base loan amt exceeds the current county limit a full appraisal is required.
- Purchase/Vacant property – where a shelter in place order is not in effect a full appraisal is required.
- Purchase/Occupied property and Refis – Exterior Only (2055) is acceptable
- New Construction, Construction to Perm or Build on Own Land – Full traditional appraisal is required
USDA
Appraisal alternative must completed in accordance with USPAP and UAD
- Purchases – Exterior Only (2055) is acceptable
- New Construction, Construction to Perm or Build on Own Land – Full traditional appraisal is required
Field Review
When required to support value – AVM Products, Desk Reviews or CDAs may be used.
Final Inspections (1004D)
A signed statement from borrower certifying work was completed and provide photos of repairs.
