LOAN DETAILS:

• Occupancy required: Owner Occupied
  ● the borrower needs to live in the house throughout the lifetime of the loan

• Eligible Properties
  ● All homes need to be located in a rural area and approved by the USDA
  ● Attached / Detached SFRs and PUDs
  ● Low/Mid/High-Rise Condos and site Condos
  ● Modular homes (These are not considered to be manufactured and are eligible under the guidelines for 1 unit properties)

• Bankruptcy and Foreclosure Rules
  ● CH 7 Bankruptcy: 3 years since discharge
  ● CH 13 bankruptcy: proof of on-time payments for 1 year after the bankruptcy AND permission from the court
  ● Foreclosure: 3 years since completion

• Term: 30 year fixed ONLY

• Transaction types:
  ● Purchase
  ● Rate & Term (Non-Streamlined) Refinance
  ● Streamlined Refinance
  ● Streamlined-Assist Refinance

PROOF OF INCOME

• Salaried (W2):
  ● 1 month pay stubs showing YTD
  ● 2 years of federal tax returns and W2s

• Self-employed or Business Owner:
  ● 2 years of federal tax returns (personal and business)
  ● Most current up to date profit and loss statement

• Retirement or Annuity or Child Support Income
  ● Must continue for 2 years or more

EMPLOYMENT VERIFICATION (Employment is not required, but a steady income is)

• 2 years of work history verified by employer (proof from your company that you worked there)

• 2 years of self-employed or business income verified by a CPA

ASEET DOCUMENTATION

• 60 days or a quarterly statement of all asset accounts

• 60 days statements for retirement accounts (if applicable)

• Real estate currently owned if any

PROOF OF IDENTITY

• Driver’s License or State Identification

• Social Security Card

Purchase and Rate & Term Refinance

o Rate & Term Refinance of an existing USDA loan
o New appraisal is required

Streamline Refinance

o Max loan amount cannot exceed original loan amount o Refinance of an existing USDA loan

Streamline Assist Refinance

o DTI = Debt to Income Ratio (expenses / income = DTI %)
o 0x30x12 means no 30 day late payments in the last 12 months.
o 0x30x24 means no 30 day late payments in the last 24 months.
o LTV may exceed 100% only by the amount of the Guarantee Fee financed.