Kentucky USDA Guideline Changes for Income, Student Loans, and total debt ratios.

Kentucky USDA Guideline Changes for Income, Student Loans, and total debt ratios.

Kentucky USDA Mortgage Lender for Rural Housing Loans

Updated HB-1-3555, Chapter 11, Ratio Analysis

The Single Family Housing Guaranteed Loan Program (SFHGLP) is pleased to announce revisions to technicalHB-1-3555, Chapter 11, Ratio Analysis. An advance copy of the proposed changes was made available on July 20, 2021. These changes became effective upon the recent issuance of aProcedure Notice (PN). Below are the highlighted revisions:

Chapter 11-Ratio Analysis

11.2 B. The Total Debt Ratio:

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”.
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 theGUS Lender User Guideunder Section 4.1.4.1.1, Retained Investment Properties.
Added: Debt management plans:
- Include the monthly…

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Kentucky USDA Guideline Changes for Income, Student Loans, and total debt ratios.

Updated HB-1-3555, Chapter 11, Ratio Analysis

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