Kentucky USDA Rural Housing Mortgage Lender: Kentucky USDA Guideline Changes for Income, Student Loans, and total debt ratios.

Kentucky USDA Guideline Changes for Income, Student Loans, and total debt ratios.

Updated HB-1-3555, Chapter 11, Ratio Analysis

The Single Family Housing Guaranteed Loan Program (SFHGLP) is pleased to announce revisions to technical HB-1-3555, Chapter 11, Ratio Analysis. An advance copy of the proposed changes was made available on July 20, 2021. These changes became effective upon the recent issuance of a Procedure Notice (PN). Below are the highlighted revisions:

Chapter 11- Ratio Analysis

11.2 B. The Total Debt Ratio:

Student Loans: Removed the phrase “the greater of” from Non-Fixed payment loans and added guidance regarding “when the payment is above zero” and “when the payment is zero”.
Revolving accounts: “with no outstanding balance” are not required to be closed.
Mortgages: Rental Property - Eliminated language regarding omission of mortgage debt. Guidance for entry of rental income in GUS is provided in the GUS Lender User Guide under Section 4.1.4.1.1, Retained Investment Properties.
Added: Debt management plans:

Include the monthly payment amount due from the counseling plan.
Refer to Chapter 10 for guidance on credit exception and documentation requirements.

11.3 DEBT RATIO WAIVERS AND COMPENSATING FACTORS

A. Purchase Transactions: Debt Ratio Waivers

GUS Refer, Refer with Caution, and manually underwritten loans without GUS assistance:

Added: “The lender must document eligible compensating factors to support a debt ratio waiver.”
Added: “all” of the following conditions are met to the first paragraph.

Debt Ratio Waiver Request and Agency Approval:

Added: “The issuance of the Conditional Commitment for a Loan Note Guarantee represents Agency approval of the ratio waiver.”

B. Refinance Transactions: Debt Ratio Waivers

Added a bullet: GUS files that receive a GUS recommendation of Refer, Refer with Caution, or are not supported by GUS, require debt ratio waivers, and supporting documentation must be submitted to the Agency.
Added: “The issuance of the Conditional Commitment for a Loan Note Guarantee represents Agency approval of the ratio waiver”.

11.7 OBLIGATIONS NOT INCLUDED IN DEBT-TO-INCOME RATIOS

Added: "unless a payment plan is in place" to the second bullet concerning Federal, state, and local taxes.

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call: 502-905-3708

fax: 502-327-9119
email: kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

Kentucky USDA Rural Housing Mortgage Loan Officer Expert..

I have helped over 1300 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.

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Email me at kentuckyloan@gmail.com with your questions

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer, we offer Kentucky Housing or KHC loans with down payment assistance.

This website is not an government agency, and does
not officially represent the HUD, VA, USDA or FHA or any other government agency.

NMLS# 57916 http://www.nmlsconsumeraccess.org/

Joel Lobb Senior Loan Officer

call/text phone: (502) 905-3708
kentuckyloan@gmail.com

Company ID #1738461
EQUAL HOUSING LENDER
http://www.mylouisvillekentuckymortgage.com/

Customer Testimonials

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Kentucky USDA Guideline Changes for Income, Student Loans, and total debt ratios.

Updated HB-1-3555, Chapter 11, Ratio Analysis