Wednesday, March 18, 2015

Kentucky USDA Guideline Changes for Rural Housing Loans in 2015

 In order to omit a debt awarded to an ex -spouse, the lender must show that the ex-spouse has successfully made the payments for the previous 12 months. The divorce decree is NOT sufficient to omit the debt.

USDA must locate the appraiser’s assertion that the property meets the standards of the HUD handbooks. When the statement is missing or “hidden” (located in the appraisal on other than page3), USDA staff must
condition for the statement. This wastes time for both the lender and USDA.


Lenders often do not downgrade applications that lack credit depth. With the release of HB-1-3555, applicants must show sufficient depth of credit on the credit report in order to verify the score. Sufficient depth is defined as at least three sources that are or were open for at least 12
months each. Applications that lack sufficient depth must be downgraded to a “refer” in GUS, and the lender must submit non-traditional credit references to meet the minimum depth requirements.





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Joel Lobb
Senior  Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346