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|

USDA – Update for URLA – Universal Residential Loan Application- Use during Optional Implementation Timeframe

Written By: David Hail, Staff Writer Lenders are in full preparation mode for the new URLA – Universal Residential Loan Application and optional use begins this summer.  But hold your horses on using the new loan application for USDA loans until the mandatory date.  Read this update to clear up the confusion. Rule Synopsis: On [...]

2019-05-06T18:38:30-05:00May 10th, 2019|

USDA does not require Voluntary child support payments to be counted as a debt to the borrower if the payments are truly voluntary and no agreement exists.

Related Article Title: USDA – Voluntary Child Support: If child support is not court ordered and only voluntarily paid, do I need to include this in the DTI? [Divorced Borrowers Quick Comparison Chart] Answer: Voluntary payments do not need to be included in the DTI.  Beyond this it will be up to your underwriter as [...]

2019-04-21T18:53:59-05:00April 25th, 2019|Social Media Posts, USDA|

When USDA reviews maximum income, they look at it based on “anticipated income for the coming year”. If a client received a true “one-time” signing bonus and is not receiving these bonuses as part of their income, then the lender would not need to count that in the maximum income.

Related Article Title:  USDA – Income Requirements:  Does a one-time signing bonus need to be included as income for the USDA maximum income requirements? Answer: A one-time employment signing bonus is not specifically addressed in the regulations, but the following is offered in the regulations that may help you.  “Annual income is used as the [...]

2019-04-21T18:51:06-05:00April 25th, 2019|Social Media Posts, USDA|