The Federal National Mortgage Association (Fannie Mae), the largest funding source for home mortgages in the United States, has published special underwriting guidelines for the Covid-19 crisis.
Plain English explanation of how the current guidelines will affect home financing appear on Fannie’s website as FAQs:
https://singlefamily.fanniemae.com/media/22326/display
The FAQs deal with such practical issues as acceptance of drive-by appraisals, and how to close without the buyers being there in person. Previously a lawyer or closing agent was prohibited from signing documents on behalf of the Buyer. Now — if certain requirements are followed — they can.
For transaction to close successfully, it is important for buyers and sellers of real property, real estate agents and attorneys, loan officers and mortgage brokers to be up-to-date on Covid-19 underwriting guidelines.
