USDA Product Updates

The below product changes were recently announced by USDA.

All changes are effective immediately.

  • If credit reflects a 30-day mortgage late within the last 12 months on a rental property, the entire PITIA payment of said rental property must be included in the DTI without the use of rental income to offset the PITIA payment.

  • Any monthly payment from a counseling plan must be included in the DTI

  • Student Loan Payments for qualifying purposes (No longer requires the Underwriter to use the greater of the below calculation)

    • One half (.50) percent of the outstanding loan balance documented on the credit report when the payment amount is reflected as zero on credit or
    • The current documented payment under the approved repayment plan with the creditor, when the payment is amount is greater than zero on credit
      • May use the actual payment if reflected on credit and greater than zero.

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