September 24, 2020

Announcement 2020-111 - Oregon Wildfires and Straight-line Winds (DR-4562-OR) – Updates

September 24, 2020 - FEMA Declared Disaster in Oregon Update

FEMA Declared Disaster in Oregon

Announcement 2020-108 released on September 16, 2020 addressed that on September 15, 2020, FEMA announced a Major Disaster Declaration pertaining to wildfires and straight-line winds in Oregon, with an incident date of September 7, 2020. No incident end date has been declared at this time.

 

Closings and Fundings Eligible in Klamath County

Effective immediately, NewRez is lifting the pause in closings and fundings in Klamath County. This applies to Conventional, FHA, VA and USDA products. Refer to NewRez’s Disaster Policy for full requirements.

Conventional and VA Loans

The following zip codes by county will require an inspection or appraisal for conventional and VA loans, as applicable.

County

Zip Codes Eligible for Closing or Funding
with Inspection or Appraisal per the Disaster Policy

Klamath

·        97623

·        97624

 

All other zip codes in Klamath will require the following:

Conventional:

  • Borrower attestation, signed and dated, that there is no damage and they agree to the closing and funding of the loan
  • Evidence of acceptable insurance policy in place

VA:

  • Veteran’s Certification, signed and dated:
  • I have inspected the property located at ____________and find its condition now to be acceptable to me. I understand that I will not be charged for any disaster‐related expenses and now wish to close the loan.
  • Evidence of acceptable insurance policy in place

FHA and USDA Loans

Closings and fundings are now eligible in Klamath County regardless of zip code and an inspection or appraisal will be required for FHA and USDA loans in accordance with NewRez’s FEMA Declared Disaster Policy, or for Wholesale, the Disaster Policy.

 

Update

Effective immediately, NewRez will now resume purchases in the seven (7) counties below, with the exception of the zip codes noted.

These zip codes below remain ineligible for closings and fundings at this time. This applies to Conventional, FHA, USDA and VA products. Refer to NewRez’s Disaster Policy for full requirements.

Conventional, FHA, USDA and VA Loans

The following zip codes by county remain ineligible for closing and funding at this time for conventional and VA loans, as applicable.

County

Zip Codes Ineligible for Closing or Funding

Clackamas

·        97004

·        97009

·        97015

·        97017

·        97022

·        97023

·        97038

·        97042

·        97055

Douglas

·        97443

·        97447

·        97470

·        97479

Jackson

·        97501

·        97502

·        97504

·        97520

·        97522

·        97524

·        97535

·        97539

·        97540

Lane

·        97413

·        97438

·        97454

·        97478

·        97488

·        97489

Lincoln

·        97364

·        97368

 

Linn

·        97358

·        97346

·        97360

·        97386

Marion

·        97342

·        97346

·        97358

·        97360

·        97375

·        97381

·        97383

·        97385

 

For Conventional and VA loans, any loans in zip codes not mentioned above will require:

Conventional:

  • Borrower attestation, signed and dated, that there is no damage and they agree to the closing and funding of the loan
  • Evidence of acceptable insurance policy in place

VA:

  • Veteran’s Certification, signed and dated:
  • I have inspected the property located at ____________and find its condition now to be acceptable to me. I understand that I will not be charged for any disaster‐related expenses and now wish to close the loan.
  • Evidence of acceptable insurance policy in place

 

For FHA and USDA loans, any loans in zip codes not mentioned above will require:

  • An inspection or appraisal in accordance with NewRez’s Disaster Policy.

 

As with all disasters, the affected areas are not definitively confirmed until FEMA formally designates such areas, which occurs following the completion of the incident and an assessment of the damage.  As a result, we will continue to monitor FEMA announcements for impacted areas in order to update any additional impacted counties.