Rural housing loans DIY credit checks: USDA steps back
Published Date: 1/29/2025
Rule
Summary
If you’re applying for or managing USDA Multifamily Housing loans, there’s a change coming in how credit reports are handled. Instead of the USDA pulling credit reports and charging fees, applicants will now provide their own reports. But heads up—the new rule’s start date is pushed back to March 31, 2025, giving everyone more time to get ready.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Implementation Delayed Two Months
If you apply for or manage USDA Multifamily Housing loans, the rule that changes credit report procedures will take effect on March 31, 2025 instead of January 30, 2025. The Federal Register published this delay on January 29, 2025 to give agencies more time to review the new regulation.
Applicants Must Provide Credit Reports
Under the updated rule, applicants and borrowers for USDA Multifamily Housing programs must provide the credit report(s) themselves instead of submitting credit report fees to the Agency. This procedural change was finalized December 31, 2024 and will be effective March 31, 2025 (after the 60-day delay).
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Key Dates
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