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The year 2013 has been good thus far for the USDA single-family program in adding additional scope to the refinance program, clarification to underwriting criteria and an eligibility deadline extension.
On April 11, 2013 the USDA released (AN) 4714 “Standardized Income, Origination and Closing Templates” to replace AN4575 “Origination and Closing–Lender’s Documentation,” which expired on May 31, 2012.
On Oct. 1, 2013, more than 900 rural communities, along with millions of low-income rural families, will lose their eligibility for what is often their only source of federal affordable housing assistance.
There are many misconceptions about USDA loans and few lenders who understand them. This causes many borrowers to think they don’t qualify for a mortgage, when actually they do.