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Compliance Articles from Q & A Issues:
- USDA Buying Home While Still Owning Home: Can a borrower own a home and still qualify for a Rural Development Loan on a new home? - April 25, 2012
- USDA Shared Well Agreements: What is the USDA rule regarding shared well agreements? - April 25, 2012
- USDA Commission Income: My borrower’s income decreased $10,000 from 2010 to 2011. Using 2010 income, he does not qualify. Using 2011 income, he meets income eligibility requirements. What income can I use? [Download 3 Charts/Checklists, USDA Loan Doc Matrix; Worksheet for Documenting Annual & Repayment Income; How to Document Income] - March 25, 2012
- USDA Conventional Credit Rule: What does it mean that if a borrower qualifies for “conventional credit,” they cannot get an USDA Rural Housing loan? [Download Mortgage Talking PointsTM flyer, USDA Loans and the Meaning of Conventional Credit - Who Qualifies?]
- February 25, 2012
- USDA Qualifying Ratios: What is the max front and back DTI with an Approve/Eligible on USDA loans? - December 25, 2011
- USDA Loan Modification: How does USDA look at loan modifications? - November 25, 2011
- USDA Length of Time on Job: I have a client that has worked on a farm for two years. Now he is working another job for the last six months, but he is still working at the farm part time. Underwriter says he has to be on BOTH jobs for ONE year. Is that true?
- October 25, 2011
- USDA Income Producing/Out Buildings: I have a USDA loan where the buyer is a Log Truck Driver. The property had a metal detached outbuilding. The loan has been rejected because of the outbuilding. Why, and what’s the rule? [Download Mortgage Talking PointsTM flyer, USDA Explains What’s An Acceptable Outbuilding]
- September 25, 2011
- USDA Condo Approvals: Can I do a USDA loan on a condo if it is NOT FHA approved? [Download: USDA Condominium Requirements & Certifications Rule] - August 25, 2011
- USDA Home with 2 Kitchens: Client wants to buy a home that is all one level. The right side has the normal rooms. Walking thru the laundry room that has a small kitchen a bedroom and bath with a separate entrance. Would this be considered an “in-laws” quarters and be allowed with USDA? - July 25, 2011
- Counting Student Loans: Can we exclude student loan payments if they are
deferred for over 12 months like FHA?
- June 25, 2011
- USDA Processing Checklist: I’ve heard that there is a new USDA “Processing Checklist” floating around but have been unable to find it. Do you have a copy? - March 25, 2011
- USDA Manufactured Homes – Can we do a loan on a Manufactured home USDA or FHA property dated prior to 1997? - February 25, 2011
- USDA Credit Trade Lines: I just got a USDA condition asking for credit trade lines for non-traditional credit even though the credit score exceeds 620. Why do I have to provide this? - November 25, 2010
- USDA Fee Worksheet: Do you have an updated USDA Fee worksheet now that they have changed their Guarantee Fees? [Download USDA RD Fee Sheet] - October 25, 2010
- USDA Adverse Credit Payoff of Debts: A RD underwriter is requesting that the client payoff a car loan that they had 1, 30-day late in 2009. Any suggestions on how to approach the RD underwriter with a solution other than paying off the car loan? - August 25, 2010
- USDA In-Ground Swimming Pools: What's the rule about lending on homes with in-ground swimming pools? - April 25, 2010
- USDA Flipping Rule: Does USDA have a flipping rule? - March 25, 2010
- USDA Rate & Term Refinance: Can I do a rate and term refi of a conventional loan with a new USDA rural loan? If not, can I do a refi for home improvement? - December 25, 2009
- USDA Flipping Rule: Does USDA have the flipping rule? - December 25, 2009
- USDA Purchase from Relative: Are there any guidelines on a USDA purchase from a relative and are there any LTV restrictions? - November 25, 2009
- USDA Property Flipping Rule: Does USDA have a flipping restriction? - November 25, 2009
- UDSA Property Flipping: Does Rural Housing have a policy on "flipping" properties? - September 25, 2009
- USDA Loan Submission Files: Is there anything available about processing USDA loans? (USDA Best Practices Memo Included) - August 25, 2009
- USDA Training: You mentioned that USDA offers training for those who want to do USDA loans. Where do I find a list of USDA trainers/offices? - July 25, 2009
- USDA Property Flipping: Do property-flipping rules apply to homes being financed through Rural Housing? - May 25, 2009
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