16-12: Rural Housing Updates to the Technical Handbook


Effective with all conditional commitments issued by USDA on or after March 9, 2016, PennyMac has aligned with the updates to the Rural Housing Technical Handbook HB-1-3555.  Below are highlights of the changes.  PennyMac encourages all lenders to read the Technical Handbook for complete details on all updates.

  • All borrowers may now finance up to 2 discount points on a refinance transaction.
  • The number of tradelines required to validate the credit score is reduced from three to two.
  • Evidence of a road maintenance agreement is not required.
  • Specific guidance provided for credit and income requirements based upon the GUS accept or manual underwrite.
  • Additional guidance on when a GUS accept must be downgraded to a manual underwrite included.

Please contact your Sales Representative with any questions.