Today, the USDA posted to their website an advanced copy of revised RD HB-1-3555, Chapter 9 (see https://www.rd.usda.gov/page/usda-linc-training-resource-library, under “SFH Guaranteed Loan Basic Training and Resources”), Subsection 9.3(E)(4) of which states the following:
“IRS transcripts are required for all required household members in addition to the documentation option selected by the lender. Lenders must require each adult household member as applicable to complete and sign IRS Form 4506-T or IRS Form 4506-C for the previous two tax years at the time of loan application. The 4506-T/4506-C must be used to request full transcripts with all schedules.”
Currently under Ibid., only IRS Form 4506-T is acceptable to RD (see the first “Update” on: https://compliance.docutech.com/2020/10/20/compliance-news-new-irs-form-4506-c/). The advance copy of revised Chapter 9 is available to review for 30 days (see https://content.govdelivery.com/bulletins/gd/USDARD-2c2db72?wgt_ref=USDARD_WIDGET_1).
We are currently reviewing this announcement to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website (https://compliance.docutech.com/).