NMLS Prep Chapters 1-3 > USDA Qualifications > Flashcards

USDA Qualifications Flashcards

(9 cards)

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1
Q

Maximum Debt-to-Income

A

29%/41%

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2
Q

Minimum Down Payment

A

0% (100% financing available on purchase transactions)

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3
Q

Guarantee Fee

A

Required

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4
Q

Income Limit

A

115% max of area median

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5
Q

Gift Funds

A

Allowed if the borrower puts a payment down

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6
Q

Borrower with Bankruptcy

A

3 years after Chapter 7 discharge, 1 year after chapter 13 filing

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7
Q

Borrowers after Foreclosure

A

3 years after foreclosure, 2 years from short sale

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8
Q

Reserves

A

No reserve requirement

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9
Q

Seller Concessions

A

Unrestricted

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NMLS Prep Chapters 1-3
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