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SFH Guaranteed Origination
February 20, 2024
Advance Notice: Revisions to HB-1-3555, Chapter 12
The Single Family Housing Guaranteed Loan Program (SFHGLP) is pleased to announce upcoming revisions to technical Handbook 1-3555, Chapter 12, Property and Appraisal Requirements. These changes are expected to be implemented on April 1, 2024. Below are the highlighted revisions:
Chapter 12 – Property and Appraisal Requirements
- Updated guidance in section 12.3 on rural area designations.
- Provided additional guidance in section 12.4 on accessory dwelling units and properties with minimal income producing features.
- Clarified the photograph requirements for appraisals and the guidelines for documenting appraisal updates in section 12.5.
- Updated the validity period of the water analysis report in section 12.6 to 180 days.
- Provided additional guidance on construction documentation requirements in section 12.9.
- Provided additional guidance in section 12.12 regarding how a borrower’s current rent obligation should be considered when obtaining a single-close construction loan.
- Revised Attachment 12-C to provide additional guidance on the single-close construction requirements.
Copies of the upcoming revisions are available for review on the Loan Origination page of the USDA LINC Training and Resource Library, under the sub-heading “New”.
Questions regarding program policy and this announcement may be directed to sfhgld.program@usda.gov or (833) 314-0168.
Thank you for supporting the Single-Family Housing Guaranteed Loan Program!
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