7 CFR Part 1951, Subpart F, Exhibit B to Subpart F of Part 1951 - Suggested Outline for Seeking Information From Lenders on Credit Criteria for Graduation of Single Family Housing Loans

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View PDF at GPO Pt. 1951, Subpt. F, Exh. B
Exhibit B to Subpart F of Part 1951—Suggested Outline for Seeking Information From Lenders on Credit Criteria for Graduation of Single Family Housing Loans
Date:
Name of Lender:
Title:
Address:
Name of County Supervisor:
Service Area:
1. Is the lender interested in making loans to refinance rural housing borrowers? Yes:__; No:__.
If later, when?
How much credit does the lender expect to have available in the next three to four months for making such loans? $______
In the next twelve (12) months? $______
2. What are the loan terms? ______
3. What is the current interest rate? ______ □ Variable rate. □ Fixed rate.
If variable, how is it determined? ______
4. Is a risk differential used in establishing interest rates charged for new customers? Yes: __; No: __.
If yes, explain:
5. What can a typical loan applicant be expected to pay for:
Dollars Or percent
a. Filing an application
b. Real estate appraisal
c. Credit report
d. Loan orgination fee
e. Loan closing costs
6. Is mortgage guarantee insurance required? Yes: __; No: __. If yes, how many years? __. Cost? ______.
7. Is there a minimum or maximum loan size policy? Yes: __; No: __.
If yes, explain:
8. Is there a minimum and maximum home value the lender will loan on? Yes: __; No: __. If yes, minimum: $______; maximum: $______.
9. Does the lender use a loan to market value ratio? ______
10. Is there a minimum net and gross income criteria? Yes: __; No: __. If yes, net: $______; gross: $______.
11. Does the lender use a minimum loan or home value to income ratio? Yes: __; No: __. If yes, loan to income ratio: ______ Value to income ratio: ______
12. Is there a percentage of gross income a typical applicant should have available to pay housing costs? ______
a. To pay for principal, interest, taxes and insurance (PITI)? __%.
b. To pay for the total housing costs and other credit obligations? __%.
13. Are there any age of home, housing type, site size, and/or geographic restriction policies? Yes: __; No: __.
If yes, List:
14. Other Comments:
15. For the purpose of reducing the number of inappropriate referrals, would the lender like the opportunity to review specific borrower financial information prior to the borrower being asked to file a formal application? Yes: __; No: __. If the answer is yes, only those borrowers who are listed on Form FmHA or its successor agency under Public Law 103-354 1951-24 will be referred to the bank. The lenders should be advised, however, the information supplied to them will not include the borrower's name, social security number, exact address, or place of employment that could be used to link a specific borrower to the information being provided by FmHA or its successor agency under Public Law 103-354.
[48 FR 40203, Sept. 6, 1983; 48 FR 41142, Sept. 14, 1983]

Title 7 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 7.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-06-03; vol. 79 # 106 - Tuesday, June 3, 2014
    1. 79 FR 31845 - Intermediary Relending Program
      GPO FDSys XML | Text
      DEPARTMENT OF AGRICULTURE, Rural Business-Cooperative Service, Rural Utilities Service, Rural Housing Service, Farm Service Agency
      Direct final rule.
      This direct final rule is effective September 2, 2014, unless RBS receives a written significant adverse comment or written notice of intent to submit a significant adverse comment on any provision other than the definition of “rural or rural area” on or before August 4, 2014. Since the definition of “rural or rural area” is statutory, RBS is unable to change the definition of “rural or rural area” even if significant adverse comments are received. If RBS receives a significant adverse comment on any provision of this rule other than the definition of “rural or rural area,” we will publish a timely document in the Federal Register informing the public that that provision will not take effect. The rule provisions that are not withdrawn will become effective on September 2, 2014, notwithstanding a significant adverse comment on any other provision, unless we determine that it would not be appropriate to do so. Any significant adverse comments will be addressed when RBS issues a final IRP rule to implement the proposed IRP rule that is also being published this date.
      7 CFR Part 1951

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United States Code
U.S. Code: Title 7 - AGRICULTURE
U.S. Code: Title 42 - THE PUBLIC HEALTH AND WELFARE

Title 7 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 7 CFR 1951 after this date.

  • 2014-06-03; vol. 79 # 106 - Tuesday, June 3, 2014
    1. 79 FR 31845 - Intermediary Relending Program
      GPO FDSys XML | Text
      DEPARTMENT OF AGRICULTURE, Rural Business-Cooperative Service, Rural Utilities Service, Rural Housing Service, Farm Service Agency
      Direct final rule.
      This direct final rule is effective September 2, 2014, unless RBS receives a written significant adverse comment or written notice of intent to submit a significant adverse comment on any provision other than the definition of “rural or rural area” on or before August 4, 2014. Since the definition of “rural or rural area” is statutory, RBS is unable to change the definition of “rural or rural area” even if significant adverse comments are received. If RBS receives a significant adverse comment on any provision of this rule other than the definition of “rural or rural area,” we will publish a timely document in the Federal Register informing the public that that provision will not take effect. The rule provisions that are not withdrawn will become effective on September 2, 2014, notwithstanding a significant adverse comment on any other provision, unless we determine that it would not be appropriate to do so. Any significant adverse comments will be addressed when RBS issues a final IRP rule to implement the proposed IRP rule that is also being published this date.
      7 CFR Part 1951