Course Title: Rural Housing Service Loan Programs There are two discrete programs. Guaranteed Rural Housing (GRH) is a privately funded, USDA Guaranteed, mortgage loan with no downpayment requirement, limited to Rural Areas and to Owner-Occupants. The loan is restricted to Rural Housing Service (RHS) Income Eligible homebuyers (115% of Median as defined by RHS). Homebuyers can pre-qualify with GRH approved lenders and use the 100% Loan-To-Value (LTV) financing for their purchase. The session identifies the 3 types of Income used by RHS Lenders to qualify. The underwriting process is covered in some detail. The RHS 502 Direct loan is a USDA funded mortgage loan with no downpayment requirement, limited to Rural Areas and to Owner-Occupants. Again Income Restrictions are in place; now limited to 80% of Area Median, using the 3 types of income definitions explained in the GRH program. Homebuyers receive a 100% LTV loan at a below market rate with 0 points and a subsidy. The income qualifying, underwriting and subsidy calculation is covered in depth. Also the RHS processing priority and staging is covered to give the Broker a good understanding and strategy to access the program for their clients. Learning Objectives (See attachment on Bloom s Taxonomy and Learning Levels) Learning Level Learning Objective Insert Level (Words or Insert corresponding learning objective Or Numbers) Knowledge USDA Eligible Areas and Incomes; Website Numbers Understand Apply Analyze Reasons for the RHS mortgage programs and advantages for homebuyers Uses knowledge of RHS Program(s) in daily business to expand opportunities for homebuyers Why program can expand business Evaluate Best practices of utilizing RHS programs for business expansion Create Strategy for using the 502 Direct Loan; expanding the GRH as a standard business product for moderate income buyers. The following will be the means used in assessing whether the Learning Objectives have been met (Pre and posttest, Q&A etc.) Q & A will be used throughout but especially at wrap-up and review to assess the success of the training.
Timed Outline: Describe in detail the components of the course by breaking it down into subject matter areas of no greater than 15 minutes. What will be the method of instruction or teaching technique used for each area (lecture, slides, group activities, videotape etc.) Length in Time (15 min. increments ) Teaching Technique Mins Lecture, Lecture, website, Q & A 30-45 Lecture, 45-60 Lecture,, Q and A 60-75 Lecture, 75-90 Income and Deduction work problems 90-105 Lecture,, Q & A 105-120, Q and A 120-135 Lecture,, Internet 135-150 Lecture,, Q & A, video 150-165 Lecture, 165-180 Lecture,, Digital Worksheet 180-195 Lecture, 195-210 Lecture,, Discussion Subject Matter Segment and Description Introduction to USDA and Loan program, advantages of GRH Introduction to Income eligibility and USDA Income and Property Eligibility Website Mortgage Loan Products Compared GRH Property Eligibility, and Income Calculation Introduction Income calculation and deductions continued. Income Calculation and Deductions comprehension testing Income for mortgage qualifying and ratio calculations. Loan Limits, Property issues Wrap-up and Review. Helpful Websites Intro to Direct 502 Homeownership Loan Certificate of Eligibility and Mortgage Loan Commitment Payment Assistance Broker opportunities with RHS Direct Program; working the season and the funding cycle Income and Income Qualifying issues
210-225 Lecture,, Q & A 225-240, Q and A, websites Processing Priorities and Non Program Financing opportunities Recapture Explained and Wrap up.
10 30-40 40-55 55-70 70-85 85-110 30-45 45-60 60-75 75-90 10 30-45 45-60 60-75 75-80