comments last updated: September 19, 2024
In the WeedsDocument ID RHS_FRDOC_0001-0583
Federal Register ID 2024-21404
Docket ID RHS_FRDOC_0001
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Explore supplementary materials on regulations.govThe Rural Housing Service RHS or Agency a Rural Development agency of the United States Department of Agriculture USDA proposes to amend the current Single Family Housing Guaranteed Loan Program SFHGLP regulation to change the requirements for the length of time a prior Agency loss is considered significant derogatory credit and address seasoning requirements and payment performance for refinance transactions. This proposed rule intends to establish a seven-year time frame for the applicant to re-establish credit after a prior loss claim with the Agency before that loss would no longer be considered significant derogatory credit. This proposed rule also intends to clarify the seasoning requirements and expected payment history requirements for all three refinance submission types within the SFHGLP and identify when applicants are eligible to refinance their current mortgage.