Category: USDA

USDA – Confusion regarding Chapter 9 Underwriting Rules

Written by: David Hail, Staff Writer Our USDA expert talked with the Washington DC office directly to clear up confusion caused by some guideline clarifications released this year. Find out what they had to say in this article. Rule Synopsis: USDA made some Chapter 9 revisions this year that resulted in confusion among lenders and […]

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USDA – NEW Technology Fee Being Implemented – Dated June 12, 2019 – Effective January 1, 2020

Written by: David Hail, Staff Writer USDA lenders, this is an important update just announced by USDA regarding required fees. Read through this article to find out all of the details. Rule Synopsis: On June 12, 2019 USDA Rural Development announced that as of January 1, 2020 they will begin to assess and collect a […]

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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 a barn, for that matter. Reference: Ref: 3555.201 Chapter 12: Property and appraisal requirements Income-Producing Buildings.  The property must not include […]

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USDA allows barns, silos, livestock facilities, greenhouses and other outbuildings provided that they are not used for commercial purposes.

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 […]

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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 the spouse has been living apart from the applicant for at least three months (for reasons other than military or work assignment), […]

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