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. Section 3: Credit History identifies indicators of acceptable and unacceptable credit and provides instructions for reviewing an applicant s credit history. Section 4: Other ELIGIBILITY Requirements addresses a variety of other requirements applicants must meet to be eligible for the program.
household deductions for which the family may qualify are subtracted from annual ... For both types, live-in aides, foster children, and foster adults living in the household are not considered household members. _____ 4-2 . HB-1-3550 Paragraph 4.2 Overview [7 CFR 3550.53(a) and (g), 7 CFR 3550.54] 4-3 ...
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