IRS ROA Transcript Requirements

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.