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FHA and VA Relief Options for VVOE and Some Appraisals

FHA and VA Relief Options for VVOE and Some Appraisals

Rebecca Squyres

March 31, 2020

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GMFS will be adopting both the VA Circular 26-20-10 and FHA Mortgage Letter 2020-05 related to flexibility during COVID quarantines.

In addition, we will be allowing temporary flexibility related to 4506-T on FHA and VA loans.

4506-T Updated:

For loans closed between now and May 17th there will be a change to the guidelines for self-employed and >25% commission borrowers:

  • in lieu of tax transcripts you may obtain two years tax returns.
  • Standard GMFS guidelines will apply after May 17th

Summary of VA and FHA Guidelines:

Relief from VA & FHA regarding VVOE (For loans closed by May 17, 2020):

  • You can use the most recent pay stub immediately preceding the closing,
  • OR one full month bank statement within 30 days of closing that shows that same deposit immediately preceding the closing, in lieu of the VVOE. This requires 2 months PITI reserves on purchases.

For FHA Relief regarding appraisals (For appraisals completed by May 17, 2020):

  • See Mortgage Letter 2020-05 for more detail on when other inspections are allowed.
  • Cash-Out refinances do not qualify for appraisal inspection relief.
  • All reports must still be completed on Form 1004.
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We are one of the fastest growing mortgage companies in the United States offering great mortgage financial solutions. Headquartered in Baton Rouge, Louisiana, GMFS originates residential mortgage loans, primarily in the southern states. Founded in 1999, GMFS has approximately 250 employees. more about GMFS

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Equal Housing Lender. © 2017 GMFS, LLC. Upfront approval subject to satisfactory property review and no change in financial condition. Some products may not be available in all states. All loans subject to credit approval. All mortgages are originated by GMFS LLC at 7389 Florida Blvd. Suite 200A Baton Rouge, LA 70806. NMLS #64997. LA License 619. The retail division of GMFS LLC is Doing Business As “GMFS Mortgage”.

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