Category: USDA

USDA Rural Development Revises Data Tolerances

Written by: David Hail, Staff Writer This is an important change to the USDA program that all USDA lenders need to read. Rule Synopsis: On October 4, 2019 USDA Rural Development issued Procedure Notice 529, which revised tolerance threshold on a borrower’s monthly debts as outlined in HB-1-3555, Chapter 5, “Origination and Underwriting Review.”  We […]

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USDA updated their underwriting policy regarding changes in debt from the time of loan approval to loan closing. Now more than ever, it’s important that borrowers do not change their debt situation before loan closing, to prevent any delays in closing.

Related Article Title: USDA Rural Development Revises Data Tolerances Written by: David Hail, Staff Writer This is an important change to the USDA program that all USDA lenders need to read. Rule Synopsis: On October 4, 2019 USDA Rural Development issued Procedure Notice 529, which revised tolerance threshold on a borrower’s monthly debts as outlined […]

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USDA recently updated their student loan payment requirements. Previously lenders needed to use 1% of the loan balance. NOW, it has been reduced to the higher of .50% of the loan balance OR the actual payment that is reflected on the credit report!

Related Article Title: USDA – Student Loan Repayment Calculation for USDA Rural Development SFH Guaranteed Loans – Effective September 23, 2019 Written by: David Hail, Staff Writer Calculating the correct student loan payment for a mortgage applicant can be a moving target depending on the guidelines. With this update, USDA makes a huge change in […]

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USDA – Student Loan Repayment Calculation for USDA Rural Development SFH Guaranteed Loans – Effective September 23, 2019

Written by: David Hail, Staff Writer Calculating the correct student loan payment for a mortgage applicant can be a moving target depending on the guidelines. With this update, USDA makes a huge change in the way lenders are instructed to calculate a student loan payment for a client. Rule Synopsis: On September 23, 2019 USDA […]

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USDA Mileage Income and Income Limit Restrictions

Question: Does USDA use mileage income when calculating the income limit? Answer: For eligibility calculation (annual income) you do have to count mileage. Following is the section of Chapter 9 where you can find this information. Reference: Chapter 9 & Attachment 9A – Income Analysis – Page 16 Supporting Resources: Chapter 9 & Attachment 9A […]

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