USDA Reminder – Expiration of Temporary COVID-19 Underwriting Guidance on June 30, 2021
Newrez LLC "Newrez" Approved Correspondent Clients: please note the following effective dates for the expiration and end of temporary underwriting guidelines that was issued by the USDA Single Family Housing Programs in response to the COVID-19 pandemic.
The temporary guidance, issued in 2020, which allowed for use of exterior-only inspection appraisals, borrower-certified repairs, alternatives to the verbal verification of employment requirements and other underwriting flexibilities will expire June 30, 2021. The temporary guidance is still in effect for applications dated on or before June 30, 2021. USDA loan applications dated on or after July 1, 2021, will be subject to the existing guidance in the HB-1-3555.
Please refer to the Newrez Product Profiles and Underwriting Guide for additional guidance.