Transcription of CHAPTER 4: BORROWER ELIGIBILITY - USDA Rural Development
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CHAPTER 4: BORROWER ELIGIBILITY - USDA Rural Development
HB-1-3550 OVERVIEW Ensuring that all applicants served are eligible and receive the correct amount of assistance is a significant responsibility of Loan Originators and Loan Approval Officials. A BORROWER must be income-eligible, demonstrate a credit history that indicates ability and willingness to repay a loan, and meet a variety of other program requirements. This CHAPTER provides guidance for each of these areas. Section 1: Evaluating BORROWER Income provides instructions for calculating and verifying annual, adjusted, and repayment income. Section 2: Evaluating BORROWER Assets discusses Agency requirements for cash contributions to the purchase and methods for computing income from assets.
preferred verification sources to evaluate the two-year history of income. For example, the need to use Form RD 1910-5, Request for Verification of Employment, to document previous employment (Part III of the form) should be rare and should be limited to cases where the preferred verification sources are insufficient to document the applicant’s
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