FEMA has issued disaster declarations for the Maine and Rhode Island counties identified in the table. Effective immediately, Arc Home will fund loans in the counties impacted by these declarations, provided the subject property inspection meets the requirements detailed below.
Impacted Counties
|
Cumberland |
Hancock |
Knox |
Lincoln |
|
Sagadahoc |
Waldo |
Washington |
York |
|
Rhode Island |
|||
|
Kent |
Providence |
Washington |
|
Inspection Requirements Table
Refer to the following table, which outlines the inspection requirements by program and loan closing status as of the date of this announcement.
|
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 January 14, 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 · Jumbo |
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 January 14, 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 January 14, 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 January 14, 2024 is required. An inspection dated on or after January 14, 2024 is also required for ALL FHA and USDA Streamline Refinance transactions, and VA Interest Rate Reduction Loans (IRRRLs).
· The reinspection must be dated on or after January 14, 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 January 14, 2024. The inspection report must be dated on or after January 14, 2024 and meet all FHA disaster inspection requirements. If the initial appraisal effective date is on or after January 14, 2024, an additional inspection report is not necessary.
Jumbo Express and Jumbo Prime
· If an appraisal has been completed and is dated prior to January 14, 2024, an interior and exterior reinspection is required. The reinspection must be dated on or after January 14, 2024 and completed by a licensed appraiser on Fannie Mae Form 1004D. The inspection must include photographs and verify that the property was not impacted by the disaster event.