The document discusses USDA Rural Development's single family housing programs, including direct loans and guaranteed loans. In 2015, these programs invested over $677 million in rural housing via over 4,000 loans and grants. The direct loan program assisted over 100 very low-income families purchase homes with low interest rates, while the guaranteed loan program helped over 3,800 low and moderate-income families purchase homes. Both programs help eligible rural residents obtain decent housing by providing financing options or payment assistance.
An overview of the USDA's Section 504 home repair program. Presentation from the Housing Assistance Councils symposium "Housing Seniors & Veterans in Rural America: Preservation, Development and Services" in Council Bluffs, IA on August 28-29, 2013
This slides are from a March 27, 2014 webinar from the National Alliance of Rural Policy and the Housing Assistance Council.
This webinar will include a brief overview of the housing programs administered by the U.S. Department of Agriculture to assist lower income rural homebuyers, homeowners, and renters. Presenters will cover the funding outlook for the year and other issues. Can USDA continue to serve the lowest income rural residents? Can affordable rural rental housing be preserved? What is the definition of rural for USDA housing programs? And why are these programs at the Department of Agriculture at all?
Presenters: Joe Belden and Leslie Strauss, Housing Assistance Council
Stacy Snyder of the Federal Home Loan Bank of Des Moines goes over the FHLB Affordable Housing Program. Presentation from the Housing Assistance Councils symposium "Housing Seniors & Veterans in Rural America: Preservation, Development and Services" in Council Bluffs, IA on August 28-29, 2013
An overview of the USDA's Section 504 home repair program. Presentation from the Housing Assistance Councils symposium "Housing Seniors & Veterans in Rural America: Preservation, Development and Services" in Council Bluffs, IA on August 28-29, 2013
This slides are from a March 27, 2014 webinar from the National Alliance of Rural Policy and the Housing Assistance Council.
This webinar will include a brief overview of the housing programs administered by the U.S. Department of Agriculture to assist lower income rural homebuyers, homeowners, and renters. Presenters will cover the funding outlook for the year and other issues. Can USDA continue to serve the lowest income rural residents? Can affordable rural rental housing be preserved? What is the definition of rural for USDA housing programs? And why are these programs at the Department of Agriculture at all?
Presenters: Joe Belden and Leslie Strauss, Housing Assistance Council
Stacy Snyder of the Federal Home Loan Bank of Des Moines goes over the FHLB Affordable Housing Program. Presentation from the Housing Assistance Councils symposium "Housing Seniors & Veterans in Rural America: Preservation, Development and Services" in Council Bluffs, IA on August 28-29, 2013
Want to buy a home in Maryland, PA or WV but have little money? Check out the USDA Loan. You do NOT need to be a 1st time home buyer. Loan is based on location of the property & max income limits. We cover all the basic guidelines here but to obtain a FREE pre-approval you will need to contact us at challjr@monarchmtg.com or www.monarchbank.com/chall
This is an exciting first time home buyer benefit being offered by the California Association of Realtors through the Housing Affordability Fund.
The Mortgage Protection Program offers insurance payments in the event that a new homebuyer become involuntarily unemployed or accidentally disabled.
For more valuable homebuyer education classes be sure to sign up at www.REblueBird.org to receive notifications of upcoming classes.
From a Sept. 2009 Making Home Affordable meeting where a rep from the U.S. Treasury went more in depth on the HAMP and HARP programs along with representatives from Freddie and Fannie
"Pathway to Home Ownership" is a step-by-step guide to the home-buying and mortgage process. Published by Citywide Mortgage, Oklahoma City, OK. NMLS #120886 / Equal Housing Lender
"Pathway to Home Ownership" is an easy-to-follow guide on obtaining a mortgage. Published by Citywide Mortgage, Oklahoma City, OK - Equal Housing Lender / NMLS #120886
HomeReady™ Mortgage
Help meet the diverse needs of today’s buyers with HomeReady, Fannie Mae’s enhanced affordable lending product.
Overview
Designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes
in designated low-income, minority, and disaster-impacted communities.
HomeReady lets you lend with confidence while expanding access to credit and supporting sustainable
homeownership.
• Simplicity and certainty for lenders
• Improved pricing and execution
• Product features designed to align with today’s buyer demographics and support sustainable
homeownership
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
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Want to buy a home in Maryland, PA or WV but have little money? Check out the USDA Loan. You do NOT need to be a 1st time home buyer. Loan is based on location of the property & max income limits. We cover all the basic guidelines here but to obtain a FREE pre-approval you will need to contact us at challjr@monarchmtg.com or www.monarchbank.com/chall
This is an exciting first time home buyer benefit being offered by the California Association of Realtors through the Housing Affordability Fund.
The Mortgage Protection Program offers insurance payments in the event that a new homebuyer become involuntarily unemployed or accidentally disabled.
For more valuable homebuyer education classes be sure to sign up at www.REblueBird.org to receive notifications of upcoming classes.
From a Sept. 2009 Making Home Affordable meeting where a rep from the U.S. Treasury went more in depth on the HAMP and HARP programs along with representatives from Freddie and Fannie
"Pathway to Home Ownership" is a step-by-step guide to the home-buying and mortgage process. Published by Citywide Mortgage, Oklahoma City, OK. NMLS #120886 / Equal Housing Lender
"Pathway to Home Ownership" is an easy-to-follow guide on obtaining a mortgage. Published by Citywide Mortgage, Oklahoma City, OK - Equal Housing Lender / NMLS #120886
HomeReady™ Mortgage
Help meet the diverse needs of today’s buyers with HomeReady, Fannie Mae’s enhanced affordable lending product.
Overview
Designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes
in designated low-income, minority, and disaster-impacted communities.
HomeReady lets you lend with confidence while expanding access to credit and supporting sustainable
homeownership.
• Simplicity and certainty for lenders
• Improved pricing and execution
• Product features designed to align with today’s buyer demographics and support sustainable
homeownership
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Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Many ways to support street children.pptxSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
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Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
5. 2015 Single Family Housing
113low and very low income families
purchased homes with low interest rates
in 2015 Utilizing the Direct Loan. Program
3858low and moderate income families
purchased homes utilizing the
Guaranteed Loan Program
Home Repair
Loans & Grants
$1,115,908
Guaranteed Home Loans
$626,215,261
Direct Home Loans
$14,267,347
$641,598,516
via 4,140 loans & grants
7. What does the Program do?
• This program assists approved lenders in providing low- and moderate-income households the
opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary
residence in eligible rural areas.
Who may apply for this program?
Single Family Housing Guaranteed Program
• Meet income eligibility
• Agree to personally occupy the dwelling as their primary
residence
• Be a U.S. Citizen, U.S. non-citizen national or Qualified
Alien
• Have the legal capacity to incur the loan obligation
• Have not been suspended or debarred from participation
in federal programs
• Demonstrate the willingness to meet credit
obligations in a timely manner
• Purchase a property in an eligible area and meet all
program criteria
8. What is an eligible area?
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@
11
How may funds be used?
• To purchase new or existing homes and refinance existing Rural Development guaranteed or
direct loans. Previously occupied manufactured dwellings cannot be financed unless they are
currently financed by RD.
Single Family Housing Guaranteed Program
9. How do we get started?
• Applicants must contact an approved lender.
• Applicants can review a partial list of approved lenders and information about all of the approved
lenders in your state which can be obtained by contacting your state’s Guaranteed Loan
Coordinator
• List of approved lenders: http://www.rd.usda.gov/files/SFHGLDApprovedLenders.pdf
Single Family Housing Guaranteed Program
10. Forms and resources:
• HB-1-3555 Guaranteed Loan Program Technical Handbook
• List of Nationally Approved Lenders
• Income Limits
• Guaranteed Loan Coordinator by State
• USDA Service Center Agencies E-forms
• Lender Interactive Network Connection (LINC)
• Frequently Asked Questions about the Handbook
• Fannie Mae’s 30 Year Fixed Interest Rate
• Guaranteed Lenders E-Newsletter
Single Family Housing Guaranteed Program
11. Process Walkthrough:
• Applicant chooses an approved lender. (Approved lender list is on our web site under SFH GRH Program.)
Lender will process the application through approval. Once approved lender will submit the file to RD to
review.
• Once RD receives the file it is assigned to a specialist. The specialist will review the file for completeness.
(RD does not re-underwrite the file) We review the file to make sure it has been underwritten per
guidelines and system findings. If clarification or changes are needed, the specialist working the file will
contact the lender. Once the file is reviewed and approved by RD, we will issue the lender the Conditional
Commitment. (This is done within 48 business hours of receiving a complete file) The lender can now close
the loan according to the Conditional Commitment.
• Once the loan is closed, the lender will request the “Guarantee”. The lender is protected up to 90% of the
loan amount in case of default on the borrowers side.
Single Family Housing Guaranteed Program
14. What does the program do?
• Assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible
rural areas by providing payment assistance to enhance an applicant’s repayment ability.
Payment assistance is a type of subsidy that reduces the mortgage payment for as long as the
borrower remains eligible. The amount of assistance is determined by the adjusted family
income.
Applicants must:
Single Family Housing Direct Program
• Be low or very low income
• Have a satisfactory credit history
• Have sufficient income to pay house payments, taxes,
insurance and necessary living expenses
• Be without decent, safe and sanitary housing
• Be unable to obtain a loan from other resources on terms
and conditions that can reasonably be expected to meet
• Agree to occupy the property as your primary
residence
• Have the legal capacity to incur a loan obligation
• Meet citizenship or eligible noncitizen requirements
• Not be suspended or debarred from participation in
federal programs
15. Properties financed must have existing or new construction
• Generally be 2,000 square feet or less
• Not have market value in excess of the applicable area loan limit
• Not have in-ground swimming pools
• Not be designed for income producing activities
What is an eligible area?
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Single Family Housing Direct Program
16. How may funds be used?
• Loan funds may be used to help low-income and very low-income individuals or households
purchase or build homes in rural areas. Funds can be used to build, repair, renovate or relocate a
home, or to purchase and prepare sites, including providing water and sewage facilities.
How much may I borrow?
• The maximum loan amount an applicant may qualify for will depend on the applicant’s
repayment ability.
Single Family Housing Direct Program
17. What is the interest rate and payback period?
• Fixed interest rate based on current market rates at loan approval or loan closing, whichever is
lower
• Interest rate when modified by payment assistance, can be as low as 1%
• Up to 33 year payback period - 38 year payback period for very low income applicants whose
income does not exceed 60 percent of the area median income.
Single Family Housing Direct Program
18. Additional Information:
• Loan up to 100 percent of the appraised value
• NO down payment is typically required but you may be responsible for all or part of your closing
fees
• Applications are accepted YEAR-ROUND
• Processing time GOAL: 90 days
Single Family Housing Direct Program
19. Forms and resources:
• USDA-RD/FSA Resales Website
• RD-FactSheet-RHS-SFH502Direct
• Income Limits
• Area Loan Limits
• Eligibility Site
Single Family Housing Direct Program
20. Process Walkthrough:
• External Steps
• Complete a Pre-Qual Package (not required). Applicant will be advised of eligibility based on unverified
information. An infile credit report will be obtained (no cost to applicant)
• Provide RD with a complete Application Package and $25.00 nonrefundable credit report fee. Once
eligibility has been determined, applicant will find the perfect home to purchase or the perfect lot to
build a home. Rural Development will finance the lot and construction.
• RD Steps
• RD will review the information. Obtain a Tri Merge Credit Report, determine eligibility and provide the
applicant with a Certificate of Eligibility. This will advise the applicant how much they are eligible to
borrower. RD will provide information regarding the additional information needed regarding the
property being purchased. Once the property information is obtained a Home Inspection and Appraisal
will be obtained.
• Closing will be scheduled with a Title Company or Loan Closing Agent.
Single Family Housing Direct Program
21. Contact Information:
Jeanie Barbrow
Work: (276) 228-3513 ext.121
Cell: (804) 517-7815
Fax: (855) 636-4613
Jeanie.Barbrow@va.usda.gov
Single Family Housing Direct Program