Kentucky USDA Rural Housing Mortgage Lender

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 Chapter 11- Ratio Analysis 11.2 B. The Total Debt Ratio:  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 4.1.4.1.1, Retained Investment Properties.  Added: Debt management plans: o Include the monthly payment amount due from the counseling plan. o Refer to Chapter 10 for guidance on credit exception and documentation requirements.  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”. 2 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: o Added: “The lender must document compensating factors to support a debt ratio waiver....

 WASHINGTON, July 23, 2021 – United States Department of Agriculture (USDA) Deputy Under Secretary for Rural Development Justin Maxson today announced that the Department is extending the COVID-19 Special Relief Measure for USDA’s Single-Family Housing Guaranteed Loan borrowers. The USDA COVID-19 Special Relief Measure provides new alternatives for borrowers to help them achieve  up to a 20 percent reduction in their monthly principal and interest payments. New options include an interest rate reduction, term extension and a mortgage recovery advance, which can help cover past due mortgage payments and related costs.   Borrowers will first be assessed for an interest rate reduction, and if additional relief is still needed, the borrowers will be considered for a combination rate reduction and term extension. In cases where a combination of rate reduction and term extension is not enough to achieve a 20 percent payment reduction, a third option combining the rate redu...

  The Single Family Housing Guaranteed Loan Program (SFHGLP) is pleased to announce revisions to technical HB-1-3555, Chapter 11. 11.2 B. The Total Debt Ratio: 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 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. 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”. 11.3 DEBT RATIO WAIVERS AND COMPENSATING FACTORS A. Purchase Transactions: Debt ratio waivers GUS Refer, Refer with Caution, and manually underwritten loans w...