HomeBridge is updating our USDA Purchase and Non-Streamlined Refinance program guidelines to align with recent changes made by USDA Rural Development.
Unreimbursed Business Expenses
Due to the recent changes to tax laws, USDA no longer requires unreimbursed business expenses be deducted from the annual or repayment income calculations
USDA now requires a 2-year history of self-employment to use the income in repayment calculations. Previously 1-2 years was considered if the borrower had been in school prior to their self-employment or had been employed in the same line of work/related field prior to their self-employment.
The USDA guidelines have been updated to reflect this information and posted on the Homebridge website at www.homebridgewholesale.com
If you have any questions, please contact your Account Executive.