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USDA – Horse Barns: If the property has a horse barn, does that invalidate this property for USDA?

Answer: Homeowners are allowed to have horses and a barn for them, as long as the building is not a business or is income producing. USDA does not restrict homeowners owning horses, or having a barn, for that matter. Reference: Ref: 3555.201 Chapter 12: Property and appraisal requirements Income-Producing Buildings.  The property must not include [...]

2019-05-23T15:16:59-05:00May 24th, 2019|

USDA allows barns, silos, livestock facilities, greenhouses and other outbuildings provided that they are not used for commercial purposes.

Related Article Title: USDA – Horse Barns: If the property has a horse barn, does that invalidate this property for USDA?  Answer: Homeowners are allowed to have horses and a barn for them, as long as the building is not a business or is income producing. USDA does not restrict homeowners owning horses, or having [...]

2019-05-24T08:45:50-05:00May 24th, 2019|Social Media Posts, USDA|

USDA – Income Requirements – Separated Borrowers: What are the rules for a recently separated borrower regarding income eligibility?

Answer: Following are the guidelines, but pay particular attention to the 3-month rule if you do not want to count the spouse’s income. Reference: HB-1-3555 Include the income of an applicant’s spouse, unless the spouse has been living apart from the applicant for at least three months (for reasons other than military or work assignment), [...]

2019-05-23T15:15:05-05:00May 24th, 2019|

Did you know that USDA has a 3-month rule? USDA income limits require that spouses must be living apart for at least 3 months in order for the other spouse’s income to be excluded from consideration. Need to know more about USDA loans? Call me first!

Related Article Title: USDA – Income Requirements – Separated Borrowers:  What are the rules for a recently separated borrower regarding income eligibility? Answer: Following are the guidelines, but pay particular attention to the 3-month rule if you do not want to count the spouse’s income. Reference: HB-1-3555 Include the income of an applicant’s spouse, unless [...]

2019-05-24T08:46:00-05:00May 24th, 2019|Social Media Posts, USDA|

VA Announces Revision of Lenders Handbook Chapters 1, 4 and 11, Dated March 12, 2019, Chapter 1-Effective Immediately-Chapters 4 & 11 – Effective May 23, 2019. -NEW Chart – New Chart- Comparison of Previous Chapter 4 (Credit Underwriting) Guideline vs. New Guideline

Written By: Tracey Rumsey, Staff Writer VA announced at the Lenders Conference in April of 2018 that they would be revising both Chapters 4 and 10 of the VA Lenders Handbook.  Based on the information from that conference we provided you with some charts regarding those changes.  The article from May of 2018 is linked [...]

2019-03-21T17:46:06-05:00March 15th, 2019|