Rural Development Streamline Refinance Product Now Available
Effective immediately, the Rural Development (RD) Streamline Refinance product is available to Minnesota Housing borrowers with 640/45% and 660/50% credit score and DTI. See the updated Credit and DTI Matrix available on our website.
Lenders should calculate income according to RD’s Repayment Income calculation (i.e., qualifying income) and include documentation in the loan file. The Repayment Income total must be below the Step Up income limits posted on Minnesota Housing’s website and must match the income entered in Minnesota Housing’s online commitment system for the transaction at the fund approval stage.
Training is not just for loan officers! Our Webinars are just as important for underwriters, processors, closers and post-closers. Visit the training page for more details and register for these upcoming Webinars:
