The Arc Home Overlays for ALL Conventional and Government loan programs have been updated to indicate that the title commitment date may not be older than sixty (60) days as of the Note Date of the new loan. This is effective immediately.
The revised Overlays will be available on the Arc Home website (HERE) soon.
USDA
Effective for USDA loan applications dated on or after April 1, 2024, Arc Home will align with the guidance provided by USDA in Advance Notice: Revisions to HB-1-3555, Chapter 12 for the topics below. The full USDA Single Family Home Guaranteed Loan Program Handbook (HB-1-3555) is available HERE on the USDA website.
· Accessory Dwelling Units and Income Producing Land: Updated with additional guidance for accessory dwelling units and properties with minimal income producing features. Refer to USDA Handbook (HB-1-3555) Chapter 12.4.
· Photographs for Appraisal: Clarified appraisal photograph requirements. Refer to USDA Handbook (HB-1-3555) Chapter 12.5 for details.
· Water Analysis for Privately-Owned Wells: Revised the water analysis report validity period to 180 days. Refer to USDA Handbook (HB-1-3555) Chapter 12.6.
· Construction Documentation: Provided additional guidance on construction documentation requirements, which includes inspections, certifications, and warranties. Refer to USDA Handbook (HB-1-3555) Chapter 12.9 for complete details.