Prequal requirements for Rural Dev GUS loans
v 1003-must have accurate number of dependents, ages, and present housing expenses, liabilities (including child care expenses), signed and dated by borrowers. Assets on 1003 must be verified with submission of full file.
v 1008-must have accurate debt to income ratios reflected (must not exceed 29/41) Need all borrowers credit scores. (Middle scores for all borrowers minimum of 620) Include county on address line.
v Annual income/adjusted worksheet including income from all in household (even if not on the loan). Show calculations.
v Form 1980-21Request for Single Family Housing Loan Guarantee. Purpose section should be complete with purchase price, financed closing costs, and amount of guarantee fee. Formula: Pur/price + fin. c/c=base, base divided by .98 = full loan amount. ( Form does not have to be signed at pre-qualification stage).
v CAIVRS required.
v Credit should reflect no major derogatory credit in past 24 months such as collections, charge offs, bankruptcies. Reports that do will require full file submission and cannot be run in GUS. Reports showing a 1 x 30 on rev or installment would not be considered major derogatory credit.
v All forms and handbooks are available on below listed websites. The lender handbooks are approximately 30 pages each and do not contain all guidelines but do contain basic guidelines. Websites and handbooks are very user friendly.