USDA Announces Updates to Rural Development Handbook

The USDA Office of Rural Development recently released Procedure Notice 543, announcing updates to the Single Family Housing Guaranteed Loan Program Technical Handbook (HB-1-3555).

The announced changes to HB-1-3555 are mostly administrative and clarifying in nature.  However, one more significant change includes the insertion of additional guidance regarding borrower eligibility for a Mortgage Recovery Advance (MRA) due to a natural disaster.  The inserted language clarifies that borrowers who have previously been provided an MRA due to a natural disaster may be considered for an additional MRA so long as the combined amount of the MRAs does not exceed the maximum amount allowed under the program.