The Federal Housing Finance Agency (FHFA) announced on Thursday it has extended relaxed lending and appraisal standards put in place due to COVID-19 another month for both Fannie Mae and Freddie Mac.
The flexibilities surrounding alternative verifications of employment and appraisals were originally set to expire on Jan. 31, 2021, however, the government entity is now pushing that back to at least Feb. 28, 2021.
According to the release, the extended flexibilities include-
- Alternative appraisals on purchase and rate term refinance loans;
- Alternative methods for documenting income and verifying employment before loan closing; and
- Expanding the use of power of attorney to details ⇒
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