USDA Advance Copy Notice HB-1-3555 Chapter 11
USDA has announced that Chapter 11 of the HB-1-3555 will be updated and an advanced copy has been provided. Changes will become effective after USDA issues a Special Procedure Notice.
- Clarification was added that revolving accounts with no outstanding balance are not required to be closed.
- USDA eliminated guidelines provided that a retained property that has been rented for 24 months or longer may be omitted from the DTI, and
- Added guidance that the income received from rents may only be included in the repayment calculation if the property has been rented for 24 mo. or more.
- Guidelines were added that monthly payment for borrowers in debt management plans must be included in the DTI.
- The calculation guidelines for Non-Fixed Student Loan Payments were updated removing the requirement for the greater of calculation to be used and added guidance for when the payment amount is zero.
- Additional guidance was added that compensating factors supporting Debt Ratio Waivers for manually underwritten loans must be documented.
- Clarification was added that federal, state and local taxes don’t need to be included in the DTI unless there is a payment plan in place.
Refer to the Advance Copy Notice HB-1-3555 Chapter 11 and Chapter 11: Ratio Analysis
Author: Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans
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Joel Lobb Senior Loan Officer American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 firstname.lastname@example.org http://www.mylouisvillekentuckymortgage.com/ Company ID #1364 | MB73346E This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. http://www.nmlsconsumeraccess.org/ Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. NMLS#57916 http://www.nmlsconsumeraccess.org/ . 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