Tag: payment history

USDA – Updates to Chapter 10 and Chapter 11

Written by: David Hail, Staff Writer USDA lenders, this is a massive update so heads up.  Our expert breaks down the “New”, “Clarifications” and “Reminders” announced by the agency. Rule Synopsis: The great news is that the revisions to Chapter 10 “Credit Analysis” and Chapter 11 “Ratio Analysis” USDA Rural Development announced were coming in […]

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VA – Rental Payment History: VA guidelines now state a requirement of a 24-month payment history, whereas it used to be 12. Are there any exceptions to this rule?

Answer: If you have an AUS approval on less than the 24 months, then the system will accept that history by virtue of the AUS loan approval. However, if you get a “Refer”, the borrower must have a full 24 months of rental payment history for analysis. [Article Published in Question & Answer Issue – […]

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