To help homebuyers amid the COVID-19 (Coronavirus) crisis, the Federal Housing Finance Agency (FHFA) has directed Freddie Mac and Fannie Mae to offer more lenient employment verification and appraisal requirements.
The directive, which currently stands through May 17, will help homes to be refinanced, sold and purchased as the nation manages the situation.
What this means is that lenders can obtain employment verification via e-mail from an employer, a bank stub that proves a deposit from payroll, or a recent paystub. Additionally, lenders can “leverage appraisal alternatives to reduce the need for appraisers to inspect the interior of a home for eligible mortgages.”
As an additional attempt to alleviate some of the stress put on the market, evictions and foreclosures also have been suspended for a minimum of 60 days, and forbearance is being offered to those facing financial hardship.
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If you live in the Boise/Twin Falls area and have any questions related your home loan, make sure you contact us today. We would be happy to discuss your unique financial picture and try to help in any way we can.