Applicants must demonstrate adequate repayment ability. Lenders must maintain documentation supporting the repayment ability analysis in the loan file. Refer to § 3555.152 (a) for further information. (1) A repayment ratio will be used to determine an applicant 's ability to repay a loan. The Agency will utilize two ratios, principal, interest HB-1-3555 • The U.S. Department of Housing and Urban Development/Federal Housing Administration (HUD-FHA), when the lender is approved as a supervised or non- supervised mortgagee with Direct Endorsement Authority for title II lending activity. CHAPTER XXXV - RURAL HOUSING SERVICE, DEPARTMENT OF AGRICULTURE; PART 3555 - GUARANTEED RURAL HOUSING PROGRAM; 7 CFR Part 3555 - GUARANTEED RURAL HOUSING PROGRAM (§§ 3555.1 - 3555.50) Subpart B - Lender Participation (§§ 3555.51 - 3555.100) Subpart C - Loan Requirements (§§ 3555.101 - 3555.150) Subpart D - Underwriting the Applicant The U.S. Department of Agriculture ("USDA") has announced updates to Chapter 11 of the lender's handbook ("HB-1-3555"). Ahead of the changes, the USDA published an advanced copy of the revised chapter on the USDA LINC Training and Resource Library, under the Loan Origination tab.. The effective date of the proposed changes will be provided in a future USDA Procedure Notice once the The change in the regulation is outlined in 7 CFR 3555.354 and 3555.356. Loss Mitigation Process: HB-1-3555, Chapter 18, Servicing Non-Performing Loans - Accounts with Repayment Problems, has been revised with the following: • Greater emphasis on payment reduction as the primary driver of loss mitigation. Subject: USDA-RD Technical Handbook & Form Updates Effective: Immediately USDA-RD has updated the SFH Guaranteed Loan Program Technical Handbook, HB-1- 3555, and Forms RD-3555-17 and RD-3555-21. • The current RD 3555-21 is still in use in the new GUS system. An update will be sent once USDA-RD has completed all revisions. The handbook, HB-1-3555, Appendix I, located at rd.usda.gov/sites/default/files/hb-1-3555.pdf, will provide examples of when a debt ratio waiver may be granted. The automated underwriting system will consider any compensating factors in determining when the variance is appropriate. of Chapter 15 of this Handbook. The lender will document their permanent file with the date and screen print of the results of that check. Form RD 3555-21 will document the lender performed the check. The check should occur prior to the request for commitment and be no greater than 30 days prior to loan closing, otherwise the lender will update HB-1-3555 . 0B. CHAPTER 6: LOAN PURPOSES . 7 CFR 3555.101 . 6.1 INTRODUCTION . SFHGLP loan funds can be used to acquire new or existing housing that will be the applicant's principal residence, and to pay costs associated with such a purchase. However, there are restrictions on the use of guaranteed loan funds. This section A list of all USDA Rural Development handbooks will display. Be sure to select the correct technical handbook: HB‐1‐3555. Once HB‐1‐3555 is selected, the entire handbook, including all appendix will display for selection. Appendix 1 is the full regulation, 7 CFR Part 3555. 6 Usda 3555 Fillable 2017-2022 Form. Check out how easy it is to complete and eSign documents online using fillable templates and a powerful editor. usda 3555 handbook pdf. usda rd 3555 21 rev 10 19. form rd 3555-21 rev 10 19 fillable. usda 3555 handbook 2020. usda forms. usda form 3555-21 2020. Create this form in 5 minutes! Use