Tag: USDA

USDA Condominium Approvals

Question: How does USDA handle approving condominiums for financing? Answer: USDA simply states that the condominium project must be in compliance with HUD/FHA, VA, Fannie Mae, or Freddie Mac regulations. They leave it up to the lender to make that determination and provide that certification. Reference: USDA Condo Guidelines – HB-1-3555 Chapter 5 Supporting Resource: […]

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Will Government Agencies Allow Marijuana Income?

Question: Do any of the Government loans (FHA, USDA and VA) allow the use of W-2 income from a Borrower who works at a Marijuana company? This person is not a grower or distributor and all of their income is derived from W-2 income. Answer: As government entities, FHA, VA and USDA currently will not […]

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USDA Rural Development will begin charging a new “Technology Fee”

Written by: David Hail, Staff Writer There are more fees to disclose on USDA loans so read through this article to find out what needs to be disclosed and when. Rule Synopsis: On November 8, 2019 USDA Rural Development announced that they will be collecting a new “Technology Fee” from Lenders effective January 1, 2020. […]

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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 in HB-1-3555, Chapter 5, “Origination and Underwriting Review.”  We […]

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USDA updated their underwriting policy regarding changes in debt from the time of loan approval to loan closing. Now more than ever, it’s important that borrowers do not change their debt situation before loan closing, to prevent any delays in closing.

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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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