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The queen city street car project
1. The Queen City Street Car Project: Committed to the future development of adding streetcars to the city of Cincinnati Presented by: J. Brooksbank, M. Carella, A. Spinnenweber June 14, 2011
Notes de l'éditeur
Slide 1:Good afternoon and welcome to USDA Rural Development Certification Part 1 of 3, each of three sections is about an hour in length and will cover the entire rural housing program. After completion of all three certifications you will be prepared to take and pass the USDA Certification test and begin to market and originate this exciting program. With that said let’s get started;Certification Part 1
Slide 2:Goals for this segment:What is the USDA Rural Development Program?Brief description of what USDA Rural Development isTargeted BorrowersTypes of qualifications and requirements that a borrower must meet to qualify for this programOriginating a USDA Rural Development LoansThe beginning process and procedure for originating your first USDA rural housing loan
Slide 3:What is USDA Rural Development?USDA: United States department of AgricultureRural: Communities with a population less than 10,000Development: Develop Affordable Housing for Rural Residents
Slide 4:Benefits of USDA Rural Housing100% Financing for first time and repeating homebuyers30 Year fixed RateNo Mortgage insuranceFamilies and individuals with limited funds for down payment and closing costNo limit on seller contributionNo limit on gift funds
Slide 6:Overview of USDA Rural Housing: Max LTV – Breakdown100% LTVOf appraised valueMay include all recurring and non-recurring closing cost2% Guarantee Fee2% of the final loan amount Guarantee fee of 2% is required on all USDA purchase loans102% LTVThe 2% guarantee fee may financed into the loan amount
Slide 5:Overview of USDA Rural Housing: Max LTV100% LTV for all qualified borrowersPlus the 2% Guarantee Fee that is required on all USDA loans Equals a TLTV of up to 102% Financing
Slide 9:Overview of USDA Rural Housing: Max Loan AmountLoan amount is based on borrowers repayment abilityWill need to make senseMaximum loan amount cannot exceed appraised value or greater than 102%Will not be able to finance future value items, such as upgrades to the property to increase value.Conclusion: Now that we have a basic overview of what the USDA Rural Development program is, let’s look at the specifics for borrower qualifications.
Slide 9:Overview of USDA Rural Housing: Max Loan AmountLoan amount is based on borrowers repayment abilityWill need to make senseMaximum loan amount cannot exceed appraised value or greater than 102%Will not be able to finance future value items, such as upgrades to the property to increase value.Conclusion: Now that we have a basic overview of what the USDA Rural Development program is, let’s look at the specifics for borrower qualifications.
Slide 9:Overview of USDA Rural Housing: Max Loan AmountLoan amount is based on borrowers repayment abilityWill need to make senseMaximum loan amount cannot exceed appraised value or greater than 102%Will not be able to finance future value items, such as upgrades to the property to increase value.Conclusion: Now that we have a basic overview of what the USDA Rural Development program is, let’s look at the specifics for borrower qualifications.
Slide 8:Overview of USDA Rural Housing: Maximum Loan AmountThere is not a maximum loan amount for USDA Rural HousingLoan amount is based on the borrowers over all financial situation taking into account:IncomeDebt RatioAssetsCredit HistoryLoan amount will be limited by a borrowers history of repaying debt and current finical responsibilities
Slide 10:USDA Rural Housing: Eligible Borrowers QualificationsBorrower may only have one primary residence, for a borrower that currently owns a home and wants to purchase a new home using the USDA program will need have current home sold prior to purchase of the new home.Borrowers must lack the financial resources to obtain conventional financing Borrowers with the financial resources to put up to 20% down are ineligible for this programBorrower’s income cannot exceed the moderate level for the area, which is published on the USDA Rural Housing website. We will be looking at this in part 2 of this certificationBorrowers must be a US citizen with a valid social security numberPermanent and non-permanent resident aliens are not allowed Non-occupant co-borrowers are not allowedAll borrowers must obtain a CAIVERS number to determine if the applicant(s) does not have a delinquent federal loan.
Slide 10:USDA Rural Housing: Eligible Borrowers QualificationsBorrower may only have one primary residence, for a borrower that currently owns a home and wants to purchase a new home using the USDA program will need have current home sold prior to purchase of the new home.Borrowers must lack the financial resources to obtain conventional financing Borrowers with the financial resources to put up to 20% down are ineligible for this programBorrower’s income cannot exceed the moderate level for the area, which is published on the USDA Rural Housing website. We will be looking at this in part 2 of this certificationBorrowers must be a US citizen with a valid social security numberPermanent and non-permanent resident aliens are not allowed Non-occupant co-borrowers are not allowedAll borrowers must obtain a CAIVERS number to determine if the applicant(s) does not have a delinquent federal loan.
Slide 11:USDA Rural Housing: Borrower Eligible Income Borrower(s) that receive overtime, commissions or bonuses must have a history to count into income eligibilityIncome from all household members over 18 years old will be countedBorrower(s) must not exceed 115% of the HUD median income limitsEligibility Income vs. Qualifying Income
Slide 11:USDA Rural Housing: Borrower Eligible Income Borrower(s) that receive overtime, commissions or bonuses must have a history to count into income eligibilityIncome from all household members over 18 years old will be countedBorrower(s) must not exceed 115% of the HUD median income limitsEligibility Income vs. Qualifying Income
Slide 11:USDA Rural Housing: Borrower Eligible Income Borrower(s) that receive overtime, commissions or bonuses must have a history to count into income eligibilityIncome from all household members over 18 years old will be countedBorrower(s) must not exceed 115% of the HUD median income limitsEligibility Income vs. Qualifying Income
Slide 12:USDA Rural Housing: Borrower Qualifying IncomeQualifying IncomeOnly those party to the noteMust be adequate and dependableSufficient to pay proposed housing expense and existing long term debt
Slide 12:USDA Rural Housing: Borrower Qualifying IncomeQualifying IncomeOnly those party to the noteMust be adequate and dependableSufficient to pay proposed housing expense and existing long term debt
Slide 13:USDA Rural Housing: Eligible Income vs. Qualifying Income – ExampleEligibilityModerate Income Level of $68,550Gross Income for borrowers: $70,000Borrower 1: $45,000Borrower 2: $25,000Child Care: $433.30 a MonthAnnual Child Care: $5,2002 Children: $480.00 + $480.00Total deduction for children: $960.00 Gross Income ($70,000) subtract total adjusted income ($6,160) for an eligible income of $63,840QualifyingHUD Median Income of $68,550Gross Income: $70,000Total Adjusted Income: $63,840Amount use for loan qualification: $70,000
