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The Single-Family Housing Guaranteed Loan Program (SFHGLP) will publish a revision to technical handbook HB-1-3555 Chapter 11, Ratio Analysis. Prior to publication, an advance copy is available on USDA LINC’s Training and Resource Library for lender review and preparation.
The advance copy and a revision aid will be available for a minimum of 30 days for review. The revised handbook chapter will become effective on the date the Procedure Notice (PN) is published by the Agency.
Highlights of the revised HB-1-3555 Chapter 11 include but are not limited to:
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Clarified monthly debt guidance: Guidance for monthly debts is expanded to specifically address installment accounts, tax repayment agreements, and lease payments.
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Mortgage debts: Guidance is provided for mortgages that are retained as rental property, retained with no release of liability, and impacted by divorce.
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Student loans: The temporary guidance issued in the September 23, 2019 GovDelivery message is permanent.
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New compensating factor for debt ratio waivers: An applicant that has received Social Security or retirement income for two years may consider this stable and dependable income as a compensating factor.
Questions regarding this announcement may be directed to the National Office Division at sfhgld.program@usda.gov or (202) 720-1452.
Thank you for your support of the Single-Family Housing Guaranteed Loan Program!
Links to websites:
USDA LINC Training and Resource Library:
https://www.rd.usda.gov/programs-services/lenders/usda-linc-training-resource-library
Procedure Notices:
https://www.rd.usda.gov/resources/directives/procedures-notices
USDA ITS Service Desk Support Center
For e-Authentication assistance
Email: eAuthHelpDesk@ftc.usda.gov
Phone: 800-457-3642, option 1 (USDA e-Authentication Issues)
Rural Development Help Desk
For GUS system, outage or functionality assistance
Email: RD.HD@STL.USDA.GOV
Phone: 800-457-3642, option 2 (USDA Applications); then option 2 (Rural Development)
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