USDA Issues Revisions to Rural Development Handbook

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Weiner Brodsky Kider PC

The USDA Office of Rural Development recently released Procedure Notice 554, primarily announcing various technical changes and revisions to its Single Family Housing Guaranteed Loan Program Technical Handbook (HB-1-3555).

Among other things, the changes clarify or update certain provisions regarding debt ratio analyses and debt ratio waivers, the foreclosure process, and certain loss mitigation special relief efforts related to the ongoing COVID-19 public health emergency.  USDA also updated its loss mitigation guide to reflect the changes.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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