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C6 502&504 programs p pt - linda marin

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C6 502&504 programs p pt - linda marin

  1. 1. 11/20/2012 USDA/RD 502 Direct Lending Product Who is CDC Brownsville Certified CHDO Lender – Over $50 Million Originated over past 15 yrs.  State Bond, Wells Fargo, 502 Direct, Portfolio, Bootstrap, Fannie Mae and NSP 1 & 2. CDCB is an approved Title I & II Lender SF & MF Developer – Over 2,500 Units Produced over past 15 Years. Builder – First LEED Certified House in RGV Counseling – HUD Certified (Over 1,000 clients annually) Real Estate Services – RGV Casitas Real Estate Co. YouthBuild – Graduate 25 Students per Year 523 Mutual Self Help – over 200 Homes since 2000 Rural & Colonia Rehab and Reconstruction – Over 400 Homes Servicing – Mortgage Loan & Small Dollar Loan Serv. CDCB Direct 502 Loans 2008 through 2012 Total 502 Direct Packaged & Closed:  2008: $1,270,377 (17 Homes)  2009: $992,340 (14 Homes)  2010: $3,548,575 (45 Homes)  2011: $3,832,795 (45 Homes)  2012: $2,538,817 (36 Homes)  Total: $12,182,904 (157 Homes)  Average Loan Amount - $77,598  Leveraged Amount - $1,947,096 ($12,402 per home) 1
  2. 2. 11/20/2012 502 Direct as Leverage CDCB utilizes 502 Direct Funds with a multitude of other funding sources.  TDHCA Bootstrap - $45,000 @ 0%; 30 yrs.  Rio Grande Valley Multibank - AHLP  Downpayment Assistance – TDHCA, FHLB, etc. …  502 Packaging Program – TDHCA Grant 502 Direct & Bootstrap Mutual Self Help Appraised Value – $95,000 Loan Amount – $75,000 1st. Lien – Bootstrap @ $45,000; 0%; 30 yrs. 2nd. Lien – 502 Direct @ $30,000;1%; 33 yrs. P&I Payment - $228.80 AMFI – 40% AMFI or $12,000 annual Texas 502 Packaging Part of National 502 Packaging Pilot Difference in Texas Model  $1,500 Packaging Fee  TDHCA from HTF pay the fee instead of rolling into the loan.  Pay Third Party Reviewer $250  CDCB earns $1,250 per loan  Packaged over 50 loans under this program 2
  3. 3. 11/20/2012 CDCB 502 Direct Production Model Learn the USDA/RD 502 Direct Funding Pipeline Process. Funds available in Feb. Through July/August. Stack the System – Always have loans in the pipeline. When $ is available make sure your loans are in first. Line your Leverage up to match 502 Funding Stream. Partner with Local RD Office – Learn their rules and adapt your system to theirs. 3

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