30Jul
HUD Updates COVID-19 Guidance for FHA Loans
The U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2020-23, dated July 28, 2020, to update COVID-19 national emergency guidance for FHA loans. The guidance addresses the verification of business operations for self-employed borrowers, the use of rental income for qualification purposes, and rehabilitation escrow accounts in connection with 203(k) loans. The guidance on the first two topics is effective for cases with note dates on or after July 28, 2020 through...
By:
Ballard Spahr LLP
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