USDA Handbook Updates for Rural Housing Loans In Kentucky for 2023
- Appraisal, Appraiser, Inspection, Property
- Manufactured Housing
- Expanded the definition of Manufactured homes to include certification label requirements.
- Provided information on how to obtain an alternative to the original HUD Certification Label.
- Added that the manufacture date can be found on the data plate located inside the home.
- Manufactured Housing
- AUS & Underwriting
- Documentation Standards
- New Guidance provided that when requesting a Conditional Commitment, a complete single black and white file should be submitted without an appraisal. The appraisal must be submitted separately in color.
- Loan Origination Checklist, Attachment 15-A has been revised to include the following:
- Appraisal report to be uploaded separately in color
- Clarification that a VOR is required for manually underwritten loans with credit scores less than 680 when rental history is indicated. (Previously, the clarification of rental indication was not provided)
- Conditional Commitments will now be sent by email with a link and will also be available under the documents section of the GUS system once it has been issued.
- Once all missing documentation has been uploaded for an incomplete loan, OPD staff must be alerted as GUS will not send an alert that documentation is ready for review.
- Guaranteed Underwriting Systems (GUS)
- Applications that are not supported by GUS must be manually submitted and underwritten. Documents may be uploaded in GUS, and a job aid for these types of submissions is available in the USDA LINC Training and Resource Library in the Loan Origination tab.
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
NMLS ID# 57916, (www.nmlsconsumeraccess.org).
