Kentucky Rural Housing Loan Changes for 2020 for the  Single Family Housing Guaranteed Loan 

Kentucky USDA Loan Changes

Program Update: Single Family Housing Guaranteed Loan Program (SFHGLP) Integration

 This email is intended to provide lenders with advanced notice of upcoming changes to the Single Family Housing Guaranteed Loan Program (SFHGLP). These changes will not go into effect until December 2019, with staggered implementation through February 2020. Please continue business as usual until you receive additional communication.

Lender Partners,

Good Afternoon. As you may know, we are working to transition the Single Family Housing Guaranteed Loan Program (SFHGLP) into an integrated National model. We are excited for the benefits this integration will bring in providing a more efficient and customer-centric experience for our lenders and in increasing rural home ownership. As we approach go-live for the new organization, we wanted to update you on the new organizational model, transition dates, and what to expect in the coming months:

The New Organizational Model

We have been preparing for the future organization, and we look forward to integrating all staff into a single, National model. In the integrated organization, loans will be handled by one of four production teams responsible for all origination and processing activities. When states transition, they will be placed into one of the four production teams, taking with them any in-process loans as well as all new loans originated in their state.

In the attached one-page overview, you will find a map illustrating the states included in each production team.

Transition Dates

State loan volume and staff will transition to the new integrated model in a series of three waves. The projected transition dates are listed below:

Wave   

Projected Transition Date

States Included*

Wave 1

      December 8th

AZ, DE/MD, HI/WP, KS, LA, ME, NE, NH/VT, NM, NY, OR, PA, SD, VA, WY

Wave 2

      January 19th

AK, AR, CO, FL, GA, IA, ID, IL, KY, MI, MN, MO, MT, NV, PR, SC, TN, TX, WA

Wave 3

      February 16th

AL, CA, CT/MA/RI, IN, MS, NC, ND, NJ, OH, OK, UT, WI, WV

*States included in each wave are based on the property location for loan files submitted, not lender location

What to Expect

Prior to each wave transition, local, state, and national lenders will receive more specific information about state alignment to production teams and their transition date. Please continue to conduct business as usual until you receive these communications. These communications will also inform lenders of new point of contact information for questions. Lenders will be able to contact the production teams through four centralized email inboxes aligned to each production team as well as a general inquiries inbox. These email inboxes will be activated prior to Wave 1.

We are excited for the benefits that will come with this new integration, and we look forward to working with the lender community in providing a more efficient, customer-centric experience, increasing rural home ownership.

We greatly appreciate your continued support. Should you have any additional questions or comments, please don’t hesitate to reach out to SFHGLPintegration@usda.gov.

Thank you,

SFHGLP Integration Infographic_8Nov2019.pptx

 

Source: Program Update: Single Family Housing Guaranteed Loan Program (SFHGLP) Integration

Student Loan Changes to Kentucky Rural Housing Loans Approvals

 

RHS temporarily modified the calculation of non-fixed student loan payments for purposes of determining debt-to-income ratios. Per the modified requirements, lenders must now use the higher of .50% of the loan balance or the actual payment reflected on the credit report as the monthly payment (rather than 1% of the loan balance). The modified requirements went into effect September 23, 2019 and will be permanently incorporated into Chapter 11 of the Single Family Housing Loan Program Technical Handbook (HB-1-3555) in the near future.

 

BIG change announced for Kentucky Rural Housing USDA loans today regarding how minimum payments on your Student Loans are calculated. Reach out to see if you qualify for this awesome loan!

 

Have you or someone you know been turned down for a USDA loan recently because of student loans?
New guidelines effective today may allow you to qualify (or qualify for a little higher loan amount)

 

**This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. Not all applicants will qualify for all loan products offered. This is not an offer to enter into a rate lock agreement under any applicable law. Not endorsed or part of USDA Federal Government Agency.

NMLS ID. 57916 www.nmlsconsumeraccess.org