Barry Ramsey USDA Rural Development Housing Program Director / IL April 16, 2012

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1 Homeownership/Housing i Rehab Programs prepared for Barry Ramsey USDA Rural Development Housing Program Director / IL April 16, 2012 Committed to the future of rural communities

2 Two Separate and Distinct 100% Financing Programs Direct Loans & Grants* - Rural Development (RD) is the lender - Subsidized loan product with asset limitations - Funds are targeted to lower income homebuyers - Direct Funds are limited - Repair Loans (up to $20,000) & repair grants (up to $7,500) * Grants limited to homeowners 62 and older for life/safety & accessibility modifications (often made in conjunction with loans) Guaranteed Loans - RD is not the lender, but guarantees a participating i lender s loan - Funds are targeted to moderate income homebuyers and are available throughout the year - No downpayment or asset limitations - Timeframes to close are no different than conventional loans K th diff b t th 100% d t li t Know the difference between these 100% products clients and expectations are not the same. *No grants for purchases.

3 Property Eligibility Existing SFH Homes & New Construction New Construction is built to local codes and State of Illinois Energy Efficiency Residential Code (IECC, latest Edition) Modular Homes (new or existing same as above, no problem) Manufactured (no existing single or double wides are eligible unless originally financed by USDA when built) Zero Lot Line Duplex Eligible to finance the owner-occupied half Shared (walls/roof/driveway) maintenance agreements Fee Simple and Planned Unit Developments (PUDs) are eligible Condo Restricted to one owner-occupied unit Accepted by HUD, VA, Fannie or Freddie

4 Property Eligibility Property restrictions Property must be located din an eligible ibl rural community up to 20,000 pop. (non-metro) No income-producing land or structures Modest in size and cost (direct loans only) Direct loans = 1,800 s.f. living area above grade Guaranteed loans = no size limitation Maximum loan limit (direct loans only guaranteed loans have no maximum) Direct loan limits vary by county ($141,000 to $200,000 in Illinois) Exceptions for large households and those with special needs No in-ground swimming pools Adequate utilities and access New or Existing Homes (construction or take out financing) No acreage limitation, but cannot be subdivided into two parcels Contact Rural Development for an application! More information online at

5 Property Eligibility Adams Boone Champaign Cook DeKalb DuPage Grundy Kane Kankakee Kendall Knox Lake McHenry McLean Macon Madison Peoria Rock Island St. Clair Sangamon Tazewell Vermilion Will Winnebago Cook, DuPage and Lake counties are not eligible Income & Property Eligibility can be determined online at:

6 Homeownership Loans (Direct program) Eligible loan purposes can include acquisition, construction, minor repair or refinancing of a permanent residence, plus: Site-related costs Provide adequate utilities Site preparation, including grading, foundation plantings, seeding or sod, trees, walks, yard fences, and driveways Dwelling-related elated costs Fees Special design features necessary because of a physical disability Energy saving materials (insulation) Washer, dryer, refrigerator, range Minor repairs (not a fixer-upper program) Taxes, title, closing costs Any Local Building or Inspection fees

7 Direct Borrower Eligibility Other Income limits: Up to 80% of Area Median Income Depending on household size. For example: LaSalle County 80% of Median 50% of Median 1 Person Household $36,450 $22,800 2 Person Household $41,700 $26,050 3 Person Household $46,900 $29,300 4 Person Household $52,100 $32,550 5 Person Household $56,250 $35,200 Asset limits: Up to $15,000 in cash or other property convertible to cash; ($20,000 if elderly l or disabled). d) Assets above these limits must be used for closing costs or down payment $540 il bl t i b t 50 80% f di $540m available to incomes between 50-80% of median $360m available to incomes below 50% of median

8 Direct Borrower Eligibility Other Income must be Stable and Dependable and demonstrate repayment ability (29% PITI* / 41% TD Ratios) Credit must be acceptable. There is no minimum credit score, but scores greater than 640 are eligible for a quicker review. Less than perfect credit history may be accepted with explanations of temporary circumstances. Delinquency on any Federal Debt (e.g. student loans, previous government loans) are not accepted. Unable to obtain conventional credit at affordable rates/terms. Have legal capacity (18 years old or emancipated). Not suspended or debarred from participation in Federal programs. Be a U.S. citizen or permanent resident alien (individuals that are undocumented or hold temporary employment or student VISAs are not eligible) *PITI = Principal, Interest, Taxes and Insurance c pa, te est, a es a d su a ce typically 29% of Stable Monthly Income, but may be as higher in some cases.

9 Payment Assistance Allows applicants to be eligible for a larger loan amount and home that meets their needs. A funded buydown (called payment assistance) reduces the monthly ypayment to as little as 24% of adjusted income (effectively as low as a 1% interest rate loan). Note rate for April is 3.25%, but a buydown through Payment Assistance can reduce that rate as low as 1%. Recapture of subsidy is calculated when the home is sold or loan is refinanced (recapture is always limited to 50% of appreciation plus a 25% discount on recapture if refinanced and the borrower is still occupying the home). When homeowners are able to refinance USDA s loan, they must do so USDA is not competing with other lenders for business. Example: $100,000 loan, $2,400 taxes; $600 insurance 3.25% = $663 PITI; Reduced to 1% = $547 PITI ($116 less)

10 Where s the Catch? Direct Loans No Application Fee No Origination Fee Fixed Credit Report Fee $32 individual id or joint applicants; $96 Tax Service Fee (payable at closing and included in the loan) $425 Appraisal Fee (payable at closing and included in the loan) Initial escrow for taxes & insurance (payable at closing from seller s pro-ration of taxes, borrower funds, or included in the loan) Title Insurance Policy y( (as selected by the applicant) Homeowner s Insurance (1 st year premium paid by the applicant) Loans serviced in house by USDA s Servicing Center (St. Louis MO) NO HIDDEN CHARGES! Contact the Rural Development for an application! More Contact the Rural Development for an application! More information online at

11 Direct Repair Loan & Grant Rural area restrictions the same as direct homeownership loans Income limits: Up to 50% of Area Median Income Depending on household size. For example: LaSalle County 50% of Median 1 Person Household $22,800 2 Person Household $26,050 3 Person Household $29,300 4 Person Household $32,550 5 Person Household $35,200 Grants (up to $7,500) limited to homeowners age 62 and older Loans under $7,500 are unsecured (larger loans up to $20,000 may require an appraisal, must be secured by a mortgage and title insurance, but no application or credit fees) Loans and grants only when other financial assistance is unavailable. $10 il bl f i l $10m available for repair loans $30m available for repair grants

12 Homeownership Loans Guaranteed Program Eligible loan purposes can include acquisition, construction or minor repair of a permanent residence (not refinancing), plus: Site-related costs Provide adequate utilities Site preparation, including grading, foundation plantings, seeding or sod, trees, walks, yard fences, and driveways Dwelling-related elated costs Fees Special design features necessary because of a physical disability Energy saving materials (insulation) Washer, dryer, refrigerator, range Minor repairs (not a fixer-upper program) Taxes, title, closing costs Any Local Building or Inspection fees

13 Homeownership Loans Guaranteed Program Income limits: Up to 115% of Area Median Income Depending on household size. For example: LaSalle County 1 Person Household $74,900 2 Person Household $74,900 3P Person Household $74,900 4 Person Household $74, Person Household $98, % of Median No Asset limits and not restricted to first time homebuyers Guaranteed homebuyers may even own one other residence outside their commuting area!

14 Guaranteed Borrower Eligibility Other Income must be Stable and Dependable and demonstrate repayment ability (29% PITI / 41% TD Ratios*) Credit must be acceptable. There is not a minimum credit score, but scores greater than 640 are eligible for a quicker review. Less than perfect credit history may be accepted with explanations of temporary circumstances. Delinquency on any Federal Debt (e.g. student loans, previous government loans) are not accepted. Unable to obtain conventional credit at affordable rates/terms. Have legal capacity (18 years old or emancipated). Not suspended or debarred from participation in Federal programs. Be a U.S. citizen or permanent resident alien (individuals that are undocumented or hold temporary work or student VISAs are not eligible) *Lenders can also use USDA s automated e de s ca a so use US s auto ated Guaranteed Underwriting System (GUS) instead of manually underwriting loans

15 Where s the catch? Guaranteed Loans Loans up to 100% of appraised value,,plus One time 2% Guarantee Fee which can be financed 30 basis point (0.3%) Annual Guarantee fee (paid monthly) Up to a 1% lender Origination Fee and other typical lender charges which can also be financed (if supported by the appraisal) 48 Hour turnaround by RD to participating lenders Lender uses their own forms and documents, and just one RD form Escrow for Taxes and Insurance Title Insurance Policy (as selected by the applicant) Lender underwrites their own files or uses automated t GUS Loans serviced by the lender or can be transferred to another USDA approved loan servicer NO HIDDEN CHARGES! All guaranteed loans are fixed rate 30 year term with no All guaranteed loans are fixed rate, 30 year term, with no early prepayment penalty not a predatory loan product

16 Guaranteed Rural Refinance Pilot Limited to 19 States that received Hardest Hit funds: AL, AR, CA, FL, GA, IL, IN, KY, MI, MS, NV, NJ, NM, NC, OH, OR, RI, SC, TN Available to homeowners with USDA Rural Development Direct or Guaranteed loans that have been current for the previous 12 months No new appraisal, inspections or credit reports required by USDA No cash out (just unpaid principal, interest and closing costs) No ratios (29/41 waived since homeowners have been current) One time 1.5% Guarantee Fee which can be financed 30 basis point (0.3%) Annual Guarantee fee (paid monthly) Up to a 1% lender Origination Fee and other typical lender charges are permitted Lender uses their own forms and documents, and just one RD form Escrow for Taxes and Insurance Lender underwrites their own files Interest rate must be at least 100 basis point (1%) reduction All guaranteed loans are fixed rate 30 year term with no All guaranteed loans are fixed rate, 30 year term, with no early prepayment penalty not a predatory loan product

17 RD Really Dilapidated Not Fixer Upper programs: Direct loans for purchase require an Illinois licensed home inspection (no exceptions) Guaranteed lender s can utilize FHA roster or non-roster appraisers familiar with HUD Handbooks & and waive all other inspections except for private water systems which must be tested Existing homes (direct & guaranteed) must be in good repair Existing homes (direct & guaranteed) must be in good repair, or placed in good repair with third party funds, buyer funds, seller funds or loan funds

18 Other Rural Development Programs Self Help Housing Grants Business Loan Guarantees (technical assistance for NFPs) Renewable Energy Loan Site Loans (for NFPsup to 2 year Guarantees and Grants term) Rural Business Enterprise Farm Labor Housing Loans and Grants (for NFPs) Grants (for Farm Owners & NFPs) Intermediary Relending Loan / Housing Preservation Grants (for Grants (for NFPs and Electric NFPs working with other funding Cooperatives) sources) Value Added Producer Grants Rural Rental Housing loans (1% Community Facility Loans and financing for new MFH const/ Grants (for NFPs) rehab) with project based Rental Water / Waste Disposal Loans Assistance available and Grants (for NFPs and Rural Community Development Municipalities) Initiative grants (for NFPs) Broadband Loans and Grants More information is available at

19 12 Illinois Offices to Serve You! Oregon (815) , ext. 4 Ottawa (815) , ext. 4 Princeton (815) , ext. 4 Pontiac (815) , ext. 4 Galesburg (309) , ext. 4 Quincy (217) , ext. 4 Jacksonville (217) , ext. 4 Champaign (217) , ext. 4 Effingham (217) , ext. 4 Mt Vernon (618) , ext. 4 Edwardsville (618) , ext. 4 Marion (618) , ext. 4 More information is available at

20 Questions? Rural Development is an Equal Opportunity Lender, Provider, and Employer. Complaints of discrimination may be sent to: USDA, Director, Office of Civil Rights, 1400 Independence d Ave, SW Washington DC

21 Federal Home Loan Bank of Chicago Governor s Conference on Affordable Housing April 16, 2012 Federal Home Loan Bank of Chicago 1 Affordable Housing Program Forgivable grants for purchase, construction, or rehabilitation of affordable owner-occupied or rental housing units Total subsidy available: $20 million Maximum subsidy per project: $700,000 Mid-May: Application available July 9: Application submission deadline November: Awards announced Federal Home Loan Bank of Chicago 2 Program Access Joint application: Community organizations, housing authorities, cities, property owners or developers partner with FHLBC members to access grants on behalf of eligible housing projects. Access AHP through FHLBC member institutions. Federal Home Loan Bank of Chicago 3 1

22 Three-Step Review Eligibility Review Feasibility Analysis Scoring Review Federal Home Loan Bank of Chicago 4 Other CI Programs Discounted Advances Letters of Credit Federal Home Loan Bank of Chicago 5 Additional Resources For more information visit: Contact Community Investment staff : Tim Klont (312) Suzi Thackston (312) Federal Home Loan Bank of Chicago 6 2

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