(RECAP: Earlier today, the USDA released a final rule establishing the underwriting standards that loans originated through the Single Family Housing Guaranteed Loan Program (SFHGLP) must meet to be considered “qualified mortgages.” Loans that do not meet these standards will no longer be eligible for insurance under SFHGLP as of April 28.
The definition of “qualified mortgage” set in the final rule is largely similar to the definition USDA initially proposed last year. The final rule includes an exemption from the rule’s requirements for loans originated through HFA programs. This means that all HFA loans will automatically be qualified mortgages under SFHGLP even if they do not meet the underwriting standards that would otherwise apply.)

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