Related Article Title: USDA and Multi-Unit Properties Question: Will USDA allow a Two-Unit property if the borrower lives in one of the units? Answer: Unfortunately, no. One-unit properties are all they will allow. [Article Published in Question & Answer Issue – June 25, 2020] Copyright © 2020 – Mortgage Currentcy – All Rights Reserved
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Question: If I have a GUS Accept/Eligible, what is required to document the funds to close? Answer:Assets and Reserves Depository Accounts: Checking, Money Market Accounts, and Savings Documentation: Two months of recent bank statements, OR Verification of Deposit (VOD) and a recent bank statement, OR Alternate evidence (example: statement printouts stamped by lender) to support […]
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Question: Will USDA allow a Two-Unit property if the borrower lives in one of the units? Answer: Unfortunately, no. One-unit properties are all they will allow. Social Media Post: Did you know that USDA will only allow a one-unit property and not a 2-4 unit property? However, FHA and conventional will allow multi-unit properties. If […]
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Related Article Title: 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” […]
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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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