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USDA Updates

USDA Updates

Rebecca Squyres

September 28, 2023

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USDA recently announced changes for the Single Family Housing Guaranteed Loan Program. Notable changes include:

Reserves: Current balance of most recent month statement is now accepted.

Current Housing Payment: VOR is required for current housing payment if entered into GUS, regardless of GUS decision.

Child Support: Delinquent Child Support requires documentation that an administrative offset is not in place and a satisfactory repayment plan with 3 timely payments is in place. (administrative offset is the withholding of a tax refund by child support enforcement)

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We are one of the fastest growing mortgage companies in the United States offering great mortgage financial solutions. Headquartered in Baton Rouge, Louisiana, GMFS originates residential mortgage loans, primarily in the southern states. Founded in 1999, GMFS has approximately 250 employees. more about GMFS

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