HELOAN-1 Program Updates

Announcement 2023 - 55

Effective 9/26/2023, MK Lending updated HELOAN-1 program guide. Please see following updates.

Please click here for the instruction on DO sponsorship request.

Announcement 2023 - Disaster Policy Update – Florida

Federal Emergency Management Agency (FEMA) announced a Major Disaster for the counties in Florida listed below due to Hurricane Idalia.

Reference: FEMA Announcement

Effective Date: August 30, 2023 to September 4, 2023

Designated Counties: Citrus, Dixie, Levy, Pasco, Pinellas, Taylor, Gilchrist, Jefferson, Lafayette, Madison, Suwannee, Columbia, Hernando, Hamilton, Manatee, & Sarasota

If the subject property is located in one of the designated counties above and the appraisal was completed on or before September 4, 2023 or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2023 - Disaster Policy – Georgia

<Georgia Hurricane Idalia>

Federal Emergency Management Agency (FEMA) announced a Major Disaster for the counties in Georgia listed below due to Hurricane Idalia.

Reference: FEMA Announcement

Effective Date: August 30, 2023 to September 9, 2023

Designated Counties: Cook, Glynn, & Lowndes

If the subject property is located in one of the designated counties above and the appraisal was completed on or before September 9, 2023 or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2023 - 53

SNQ EZ Program Updates

Effective 9/8/2023, MK Lending updated SNQ EZ program as follows:

• Condominium LTV <= 60% rate adjustment 0.125% has been removed
• Condominium LTV > 60% rate adjustment 0.375% has been reduced to 0.125%
• Transferred appraisal not acceptable
• Foreign National:
  • Credit Report to be pulled to check if there's any negative history. No Fico score required
  • All documents must be translated by a certified translator
  • Asset verification (must be in U.S. banking institutions)