USDA Announces Updates to Rural Development Handbooks

The USDA Office of Rural Development recently announced updates to the Rural Development Direct Single Family Housing Loans and Grants Handbooks (i.e., HB-1-3550 and HB-2-3550) and the Rural Development Manual.

In Procedure Notice 519, the USDA announced that it was revising Appendix 6 of handbooks HB-1-3550 and HB-2-3550 to include a new effective interest rate for Above-Moderate Single Family Housing Non-Program Loans.  With respect to HB-1-3550, the USDA also announced certain revisions that pertain to the handbook’s glossary and third chapter. For instance, Attachment 3-J (i.e., the Checklist of Items to Accompany the Uniform Residential Loan Application) was updated to clarify how to make out the check or money order for the credit report fee, and to clarify that a copy of the applicant’s actual social security card is not required.

In addition, Procedure Notice 519 announced updates to various program rates and the Treasury Judgement Rate that are reflected in Exhibit B to the Rural Development Manual.

These changes are effective November 1, 2018.

Procedural Notice 519 is available here.