New Credit Report Changes Coming Soon for Kentucky Rural Housing Mortgage USDA Loans and Fico Scores for 2017
- Lenders must secure a marketable first lien as required in 7 CFR Part 3555, 3555.204 and HB-1-3555 Chapter 16.
- USDA’s current policy regarding judgments and tax liens in 3555.151(i)(5) and HB-1-3555 Chapter 10: 10.10 and Attachment 10-B will apply.
- If a lender identifies a judgment or tax lien for a GUS “Accept” loan file, the manual entry of the debt on the “Assets and Liabilities” application page will not require the file to be downgraded. The GUS “Accept” recommendation remains valid and the lender must appropriately underwrite the loan file under the requirements of 7 CFR 3555 and HB-1-3555.