Bulletin 2020-087 FHA, VA, and USDA Underwriting Updates

FHA, VA, and USDA Underwriting Updates

Effective immediately, NewRez has updated FHA, VA, and USDA year-to-date profit and loss and balance sheet requirements and Visa type requirements. Below is a highlight of these clarifications and updates.

 

Year-to-Date Profit and Loss Statement and Balance Sheet

 

• • • FHA, VA, and USDA transactions will require a profit and loss statement and balance sheet dated not more than 60 days prior to the Note date (previously 30 days)

 

Visa Eligibility

 

• • • The following eligible Visa types have been added to the FHA and USDA product profiles.
      E-1, E-2, E-3, E-3D, G-1, G-2, G-3, G-4, G-5, H-1B, H-1B1, H-1B2, H-1B3, H-1C, H-4,L-1A, L-1B, L-2, O-1A, O-1B, TN
    • For USDA, GUS will sync with the U.S. Citizenship and Immigration Service’s Systematic Alien Verification for Entitlements (SAVE) database to obtain online immigration status information of the borrower(s). SAVE only provides the borrower’s citizenship status. Eligibility per NewRez guidelines must still be complied with.
    • NewRez will align with VA policy, which does not require lawful residency and determines eligibility based on Veteran status.