Selling Guide

Published April 07, 2021

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What is the maximum age of documentation requirements for properties affected by disaster?

Age of Documentation Requirements

When a loan is secured by a property located in a FEMA-Declared Disaster Area eligible for individual assistance, Fannie Mae provides additional flexibilities. The following requirements apply:

  • The underwriting documentation, including but not limited to credit reports, and verifications of income and assets, must be dated no more than 180 days before the note date.
    • Lenders may disregard the message in the Desktop Underwriter (DU) Underwriting Findings Report that indicates if the loan casefile has not already closed, the credit report has expired.
  • The appraisal must be dated no more than 180 days before the note date. Lenders must comply with additional property eligibility requirements detailed in B2-3-05, Properties Affected by a Disaster.
  • Lenders who wish to receive representation and warranty relief offered by the DU validation service must continue to comply with all conditions in the DU Underwriting Findings Report, including the close by date. 
  • Loans originated in accordance with the age of documentation flexibilities, must be delivered to Fannie Mae no later than two years from the date of the disaster declaration by FEMA.

See B5-4.2-02, Disaster-Related Limited Cash-Out Refinance Flexibilities for information related to certain flexibilities offered for a disaster related limited cash-out transaction.

For additional information, see B2-3-05, Properties Affected by a Disaster.

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