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joel lobb
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Louisville Kentucky Mortgage Loan Officer for USDA, FHA, VA, KHC, Fannie Mae and Jumbo Mortgage Loans
Louisville Kentucky Mortgage Loan Officer for USDA, FHA, VA, KHC, Fannie Mae and Jumbo Mortgage Loans

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Collections and Rural Housing USDA Mortgage Loan Approvals.
Collections and Rural Housing USDA Mortgage Loan Approvals.
kentuckyruralhousingusdaloan.blogspot.com
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Collections and Rural Housing USDA Mortgage Loan Approvals.
Underwriting must follow (GUS) Guaranteed Underwriting System Automated Findings  to determine if a collection account must be paid. Typically GUS will require the following: If the credit report show a cumulative balance of $2,000 or more for collection a...
Collections and Rural Housing USDA Mortgage Loan Approvals.
Collections and Rural Housing USDA Mortgage Loan Approvals.
kentuckyruralhousingusdaloan.blogspot.com
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What NOT To Do When Applying For A Home Loan In Kentucky!
😳😲👎👎👎👎👎 These tips will keep you on the right track both during the prequalification phase and right before the loan process begins. Do not apply for new credit It’s not uncommon to get invitations to apply for lines of credit.  Just don’t respond to...
What NOT To Do When Applying For A Home Loan In Kentucky!
What NOT To Do When Applying For A Home Loan In Kentucky!
kentuckyfirsttimehomebuyer.blogspot.com
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RHS
Underwriting must follow GUS to determine if a collection account must be paid. Typically GUS will require the following:
If the credit report show a cumulative balance of $2,000 or more for collection accounts:
The debt(s) must be paid in full prior to or at closing, or
Payment arrangements must be made with the creditor and the monthly payment included in the DTI, or
A monthly payment of 5% of the outstanding balances of each collection must be included in the borrower’s DTI.
While all collections required by GUS must be paid, RHS grants the lender/underwriter the authority to require any collection (whether GUS recommended or not) to be paid prior to or at close.
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Tips to ensure your mortgage closes smoothly:
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