Kentucky USDA Rural Housing Mortgage Lender

Collections on Credit Report and USDA Loan Pre-Approvals   Underwriting must follow GUS to determine if a collection account must be paid. Typically GUS will require the following: If the credit report show a cumulative balance of $2,000 or more for collection accounts:  The debt(s) must be paid in full prior to or at closing, or  Payment arrangements must be made with the creditor and the monthly payment included in the DTI, or  A monthly payment of 5% of the outstanding balances of each collection must be included in the borrower’s DTI. While all collections required by GUS must be paid, RHS grants the lender/underwriter the authority to require any collection (whether GUS recommended or not) to be paid prior to or at close.   Can you get a Kentucky USDA Loan when the borrower has experienced a major negative credit occurrence such as a bankruptcy, foreclosure, or short sale. The Kentucky USDA Rural Loan program requires a mi...

Fiscal Year 2017 Conditional Commitment Notice With the start of fiscal year 2017 (FY17) just around the corner, please take a few minutes for a timely review of the Single Family Housing Guaranteed Loan Program (SFHGLP) conditional commitment process. We hope you find this information helpful.  Issuance of Conditional Commitments:  At the beginning of each fiscal year, funding for the SFHGLP is not available for a short period of time – approximately two weeks.  This will not change in FY 2017, which starts  October 1, 2016 .   During the temporary lapse of funding,   Rural Development will issue Conditional Commitments “subject to the availability of commitment authority” for purchase and refinance transactions .  The application processing workflow is as follows: Rural Development will continue to accept complete SFHGLP applications for purchase and refinance loan transactions from lenders; Rural Developmen...