Tag: USDA

All Tradelines are Authorized User Only

Question: Our client has 3 tradelines, but they are all authorized user accounts.  I have received a GUS accept, so am I able to move forward or do I need to do anything further? Answer: The good news is USDA revised chapter 10 credit analysis effective January 28th, 2020 that eliminated the requirement for credit […]

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Income Calculation for Temporary Unemployment During COVID – Union Worker

Question: I have a Union worker who was on unemployment until September due to COVID.  We have a letter from his union rep stating that the layoff was due to COVID and that he is still gainfully employed with the Union and is back to work. How do I calculate his income? Answer & Reference: […]

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USDA- SFH Guaranteed Loan Program to Begin Accepting the Redesigned URLA Form – GUS Impact

Written by: Tammy Butler, Publisher USDA Lenders – this is a must-read, with important dates and deadlines for the new GUS system and new residential loan application. Rule Synopsis: IMPORTANT DATES:  The New Guaranteed Underwriting System (GUS) will go live March 1, 2021. Legacy GUS will retire on February 27, 2021. Between now and close […]

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Payments Made After Forbearance Eligibility

Question: My client came out of forbearance and has made 2 payments.  He states that the deferred payments were added to the end of his loan.  He would like to sell this home and buy another one.  What are the requirements in order to do this? Answer: Here you go. Attachment included also. He needs […]

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If you used USDA financing to buy your current home, you will need to sell that home in order to use USDA financing on your new home!

If you used USDA financing to buy your current home, you will need to sell that home in order to use USDA financing on your new home!

Related Article Title: Will USDA Allow Financing on More Than One Residence? Question: My client presently owns a manufactured home, and the loan is more than the property can be sold for.  They would like to buy another home using USDA financing and keep this home until it can be sold for at least what […]

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