Suspended Products
Guideline Updates
Highlights
COVID-19 Requirements **Updated 12/9/20**
VA:
FHA:
Payments will not be considered as past due/late if ALL of the following are met:
Fannie Mae/Freddie Mac **UPDATED**:
*Under resolution method ONE, there is no requirement for the borrower to have made 3 payments before continuing. The loan is eligible if the borrower brought the loan current in one lump sum, provided the source of funds are documented.
**If any type of loss mitigation resolution occurred, the borrower must make 3 monthly payments on time after the loss mitigation solution before becoming eligible for a new loan.
***Payments missed during the time of a COVID-19-related forbearance that have been resolved are not considered to be historical delinquencies for purposes of our excessive mortgage delinquency policies. Flexibility does not apply to high LTV refinance loans, which must continue to meet the payment history requirements.
Have questions? Contact your AE or have an AE contact you: Marketing@pcfwholesale.com
© 2022 Prime Choice Funding, Inc. dba PCF Wholesale | 17852 17th St #107, Tustin, CA 92780 | NMLS #117375, BRE #1806911 | Program rates and parameters are subject to change without notice. Turn times are estimates and are not warranted or guaranteed. Turn time estimates are subject to change without notice at Prime Choice Funding’s sole discretion. Intended for use by real estate and lending professionals only and not for distribution to consumers.
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