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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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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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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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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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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