Monday, November 24, 2014

KENTUCKY RURAL HOUSING USDA CHANGES DECEMBER 2014

 REGARDING KENTUCKY RURAL HOUSING USDA CHANGES


Kentucky Rural Housing  USDA  has announced that application data entered into GUS prior to December 1, associated with requests that do not receive a Conditional Commitment by USDA prior to November 29, 2014 will be retained (e.g. property address, borrower information, etc.); however additional data entry for these applications will be required.  All GUS underwriting submissions performed by users on or after December 1, 2014 will be subject to the new data requirements.
  • This means that any loans submitted to Kentucky RHS  USDA for Conditional Commitments that are not reviewed by USDA by November 29th, 2014, will be required to be released back to Platinum to be re-underwritten and GUS to be updated with the additional information required. The fields in GUS that will be changing will not be available for Platinum to access until December 1st, 2014.
  • Additionally, the GUS Findings Report will also contain new messages after the update is complete.
  • Therefore, lenders will be required to resubmit any existing findings that has not received a commitment from USDA (both loans submitted as well as pipeline loans) on December 1, 2014.
  • In order to meet the additional requirement of IRS Income Tax Transcripts for all household members, USDA  has added a new disclosure document to the website which can be accessed at 
  • https://usdalinc.sc.egov.usda.gov/docs/rd/sfh/3555/DocumentationAndResources/3555_FAQ.pdf

  • This disclosure should be completed, signed and dated by all applicants on the loan submission. All household members must be disclosed on this document in order to ensure all household income is disclosed for eligibility purposes.
  • In addition, any adult household member which is not a borrower on the loan application should complete and execute a form 4506-T to obtain their IRS transcripts in accordance with new USDA guidelines. Effective immediately, these new forms will be required for all new submissions as well as loans for which USDA is unable to issue a commitment prior to December 1, 2014.


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Joel Lobb
Senior  Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346