Get ready for new and upcoming COVID changes and rollbacks from the GSEs that start in March and refresh yourself on increased limits for Conventional and FHA loans that went into effect earlier this year.
Effective Now
- Easier verification for Self-Employed Borrowers. Fannie Mae is immediately removing all COVID-19 temporary requirements for self-employed borrowers if they are using federal tax returns dated after 2020.
- Fannie Mae has removed guidance for furloughed borrowers
- Business verification limits have been changed back from 20 days to 120 days
- REMINDER. FHA raised its loan limits on new loans to $420,680. Read more on our blog post.
- REMINDER. Fannie Mae and Freddie Mac raised their loan limits on new 1-unit Conforming loans to $647,200 and High Balance Conventional Loans to $970,800. Read more on our blog post.
Upcoming in March 2022
- Easier Appraisals for Purchase Loans. Fannie Mae and Freddie Mac to allow Desktop Appraisals for certain purchase transactions that pass AUS that will only need information from public records and a copy of the floor plan.
- Verification Waivers for Refinances. Fannie Mae may allow lenders to waive verification for funds under $500 of select types of refinances.
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