Just to give you an idea of what is changing here is just one update last month. There have been three more updates since this one.
An update to the Program Guidelines has been published which is effective immediately. Below is a summary of the updated sections. Please refer to the updated Program Guidelines for complete details.
2.1.2. Non-Permanent Resident Aliens
Eliminated the visa classification restrictions for non-permanent resident aliens.2.5.1. Employed Income
Updated with acceptable alternative documentation for a written Verification of Employment.
2.6.1. Asset Requirements
Updated to allow gift funds to be used in second/vacation home transactions.
2.6.5. Pooled Funds
Updated to permit pool funds in second/vacation home transactions.
3.12. Secondary/Subordinate Financing
Eliminated the restriction on secondary/subordinate financing from having a prepayment penalty.
3.13.2. Unacceptable Properties
Clarified the restriction on properties with a private transfer fee covenant.
3.13.12. Community-Owned or Privately Maintained Streets
Updated to no longer require a recorded private road maintenance agreement in defined states with laws governing private road maintenance.
3.14.1. Electronic Signatures
New policy section clarifying that electronic signatures are allowed on disclosures and any document where a signature is required.
3.15. Affiliated Business Arrangements
Clarified that certain Affiliated Business Arrangements may be acceptable depending on the institutions involved.
