Wholesale ALERT – Expanded FEMA Disaster Declaration for Florida

FEMA has expanded an existing disaster declaration for Florida as a result of Tropical Storm Debby, the additional counties affected by the update are highlighted in the table. Effective immediately, Arc Home will fund loans in the counties impacted by this declaration, provided the subject property inspection meets the requirements detailed below.

Impacted Counties

Florida
Alachua	Baker	Citrus	Columbia
Dixie	Gilchrist	Hamilton	Hillsborough
Jefferson	Lafayette	Levy	Madison
Manatee	Pinellas	Sarasota	Suwannee
Taylor

Inspection Requirements Table

Refer to the following table, which outlines the inspection requirements by program and loan closing status.

Loan Program	Loan Status	Inspection Requirements
· Fannie Mae · Freddie Mac · VA · USDA	Signed/Closed/Not Funded	· Follow standard inspection requirements noted below, OR · Provide a Broker’s Drive-By Inspection dated on or after August 2, 2024 in lieu of a property inspection – must be completed on letterhead, verify the property was not impacted by the disaster event, and include photographs taken by the Broker
Not Signed/Closed	· Delay closing and require inspection; follow standard inspection requirements noted below
· Access Non-QM · Edge Non-QM · Elite QM · Foreign National DSCR · Conventional Investment Property · FNMA/FHLMC Second Home & Investment	Signed/Closed/Not Funded	· Fund loan, delay delivery and require inspection; follow standard inspection requirements noted below
Not Signed/Closed	· Delay closing and require inspection; follow standard inspection requirements noted below
FHA Purchase, Rate/Term, Simple Refinance, Cash-Out Refinance	Signed/Closed/Not Funded	· Satisfactory FHA inspection must be completed prior to insuring the loan; follow standard inspection requirements noted below
Not Signed/Closed	· Delay closing and require inspection; follow standard inspection requirements noted below
FHA Streamline Refinance	Signed/Closed/Not Funded	· Follow standard inspection requirements noted below, OR · Provide a Broker’s Drive-By Inspection dated on or after August 2, 2024 in lieu of a property inspection – must be completed on letterhead, verify the property was not impacted by the disaster event, and include photographs taken by the Broker
Not Signed/Closed	· Delay closing and require inspection; follow standard inspection requirements noted below

Inspection Requirements (Standard)

For all transactions in any of the affected counties, property inspections must satisfy the following criteria, as applicable per loan type.

Fannie Mae, Freddie Mac, FHA Streamline, USDA, VA, Conventional Investment Property, FNMA/FHLMC Second Home & Investment Property, Access Non-QM, Edge Non-QM, Foreign National DSCR, and Elite QM

· If an appraisal has been completed prior to August 2, 2024, an exterior reinspection is required for ALL Fannie Mae, Freddie Mac, USDA Purchase, USDA Non-Streamline, VA Purchase, VA Cash-Out Refinance, Conventional Investment Property, FNMA/FHLMC Second Home & Investment Property, Access Non-QM, Edge Non-QM, Foreign National DSCR, and Elite QM loans. For any Conventional loan with a Property Inspection Waiver, an inspection dated on or after August 2, 2024 is required. An inspection dated on or after August 2, 2024 is also required for ALL FHA and USDA Streamline Refinance transactions, and VA Interest Rate Reduction Refinance Loans (IRRRLs).

· The reinspection must be dated on or after August 2, 2024 and performed by an appraiser, include exterior photographs of the subject, and verify that the property was not impacted by the disaster event. Note: If the exterior inspection indicates the property sustained any damage, an additional interior inspection of the property must be completed by the appraiser.

FHA Purchase, Rate/Term Refinance, Simple Refinance, and Cash-Out Refinance

· A reinspection of the subject property is required for any transaction with an appraisal dated prior to August 15, 2024. The inspection report must be dated on or after August 15, 2024 and meet all FHA disaster inspection requirements. If the initial appraisal effective date is on or after August 15, 2024, an additional inspection report is not necessary.