In this issue:
I want you all to know that I will be retiring from RCAC at the end of the year. I am extremely proud of all we have accomplished at RCAC in the past 11 years, but it is time for someone new to move the organization forward. Read more
Unnumbered letter changes credit and student loan considerations in FY19
USDA Rural Development published an Unnumbered Letter (UL) dated Feb. 25, 2019 changing the way credit will be evaluated and Student Loan Income Based Payments will be handled during FY19. It also emphasizes the previous permanent authorization regarding Oral Verifications of Employment. Read more
I am packaging a 502 loan for our next self-help group and I am having trouble with the 4-A Calculator. The applicant receives social security income and when I enter it in the calculator it only allows me to count it as repayment income but I need to use it for annual income too, where am I going wrong? Read Sher’s advice
502 Direct Loan packaging training
Housing Assistance Counsel (HAC) is hosting a 502 Direct Loan Packaging Training May 7 – 9, in Kansas City, Missouri. This three-day advanced course will cover USDA Rural Development’s Section 502 Direct Loan Program and provide invaluable insight as to how this homeownership financing resource can be used in your communities. Learn how your organization can assist potential borrowers and work in partnership with Rural Development staff in your state to deliver successful Section 502 loan packages. Through this course participants will learn the loan program’s regulations and practical applications. Participants will develop a strong understanding of 502 direct underwriting and packaging standards, which will ensure that submitted loan dockets are complete and ready for processing.
Participants who attend this three-day training and pass the online exam will be better equipped to package 502 loan applications on behalf of parties seeking USDA RD assistance. The course is also excellent for USDA Mutual Self-Help Housing grantees who want to build their skills in packaging loans for participating households. Register here
News you can use
Revised area loan limits
Don’t forget to update your 4-A Calculator! Effective Feb. 15 the area limits have been revised for California, Colorado, Delaware, Florida, Georgia, Hawaii, Indiana, Iowa, Maryland, Minnesota, Mississippi, Missouri, Montana, Nevada, North Carolina, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming. The area loan limits for the remaining states are expected to be revised in the latter part of this fiscal year. Details are available here
USDA Rural Development publishes Loan Packaging Express, a newsletter for packagers
The second edition of USDA Rural Development’s Loan Packaging Express has been published! It is a newsletter for packagers including participant stories and successful packaging partnerships across the nation.
The newsletter is published quarterly for the western region self-help network at no cost to subscribers. We encourage correspondence and contributions.
Stanley Keasling, chief executive officer
Angela Sisco, executive editor
Sharon Wills, managing editor
Editorial office, West Sacramento, CA (916) 447-2854
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