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RHS Guideline Handbook Update
Effective for all loan commitments issued on or after March 9th, RHS is publishing an updated version of their 3555 handbook. The new handbook includes additional guidance and clarification on many previously vague subjects, including the following changes
- If the credit report on a loan with RHS approval will expire prior to loan closing, a new credit report outside of GUS can be pulled. If the new report shows no changes to credit, then the loan does not need to be resubmitted to RHS for re-approval.
- RHS considers a loan as qualifying for conventional credit if all of the following are true
- Borrower has eligible assets to meet a 20% down payment AND reasonable closing costs; AND
- The loan meets all current FNMA guidelines
- Assets should be calculated using the lesser of a two month average balance or the current bank statement/recent VOD.
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