USDA Qualifications Flashcards
1
Q
Maximum Debt-to-Income
A
29%/41%
2
Q
Minimum Down Payment
A
0% (100% financing available on purchase transactions)
3
Q
Guarantee Fee
A
Required
4
Q
Income Limit
A
115% max of area median
5
Q
Gift Funds
A
Allowed if the borrower puts a payment down
6
Q
Borrower with Bankruptcy
A
3 years after Chapter 7 discharge, 1 year after chapter 13 filing
7
Q
Borrowers after Foreclosure
A
3 years after foreclosure, 2 years from short sale
8
Q
Reserves
A
No reserve requirement
9
Q
Seller Concessions
A
Unrestricted
