Answer: Homeowners are allowed to have horses and a barn for them, as long as the building is not a business or is income producing. USDA does not restrict homeowners owning horses, or having a barn, for that matter. Reference: Ref: 3555.201 Chapter 12: Property and appraisal requirements Income-Producing Buildings. The property must not include [...]
Related Article Title: USDA – Horse Barns: If the property has a horse barn, does that invalidate this property for USDA? Answer: Homeowners are allowed to have horses and a barn for them, as long as the building is not a business or is income producing. USDA does not restrict homeowners owning horses, or having [...]
Answer: Following are the guidelines, but pay particular attention to the 3-month rule if you do not want to count the spouse’s income. Reference: HB-1-3555 Include the income of an applicant’s spouse, unless the spouse has been living apart from the applicant for at least three months (for reasons other than military or work assignment), [...]
Related Article Title: USDA – Income Requirements – Separated Borrowers: What are the rules for a recently separated borrower regarding income eligibility? Answer: Following are the guidelines, but pay particular attention to the 3-month rule if you do not want to count the spouse’s income. Reference: HB-1-3555 Include the income of an applicant’s spouse, unless [...]
Written By: Tracey Rumsey, Staff Writer VA announced at the Lenders Conference in April of 2018 that they would be revising both Chapters 4 and 10 of the VA Lenders Handbook. Based on the information from that conference we provided you with some charts regarding those changes. The article from May of 2018 is linked [...]