Posted By: trying_to_comply
Reg B - Special Purpose Credit Program - 04/01/22 10:10 PM
Can anyone confirm if the USDA Single Family Housing Guaranteed Loan Program is considered a Special Purpose Credit Program?
In determining eligibility for the product, the lender must certify that any household that requests a loan guarantee does not exceed the adjusted annual income threshold for the applicable state and county where the dwelling is located.
In requiring income information from potentially non-applicants/individuals not obligated on the loan, and with that information potentially being alimony, child support, and any separate maintenance income, I feel that it would have to be, but am struggling to confirm that.
Anyone have any experience with the product?
In determining eligibility for the product, the lender must certify that any household that requests a loan guarantee does not exceed the adjusted annual income threshold for the applicable state and county where the dwelling is located.
In requiring income information from potentially non-applicants/individuals not obligated on the loan, and with that information potentially being alimony, child support, and any separate maintenance income, I feel that it would have to be, but am struggling to confirm that.
Anyone have any experience with the product?