Kentucky FHA Mortgage Loans Impacted by COVID-19

FHA Mortgagee Letter ML-2020-05

FHA has published guidance for lenders during the current market environment.
Appraisal Guidance
FHA  will allow the Exterior Only and Desktop appraisal options. Originators and appraisers are expected to familiarize themselves with FHA’s adaptation requirements. All appraisals must still be run through FHA’s EAD portal. (Please note that a 2055 or 1072 cannot be sent through the EAD portal).

If a Desktop appraisal is deemed to be the best option – Home Point will require a photo of the exterior of the home and each comparable. Appraisers may use public records or other reliable sources (such as MLS) for these photos.
Income Guidance
FHA will allow the use of an email correspondence from the employer’s work email as reverification of employment.
The existing Home Point requirement for an additional Reverification dated within 48 business hours of closing still applies and only the email option listed above…