Exhibit B to Subpart A of Part 1951 - Notice of Change in Interest Rate
Exhibit B to Subpart A of Part 1951 - Notice of Change in Interest
Rate (insert date) Notice of Change in Interest Rate
(insert borrower's address)
Re: □ □
Dear (insert borrower's name and case number): Your
promissory note dated ___, for the original amount of ___ dollars
($___) provides for a change in interest rate for a limited
resource loan in accordance with the Farmers Home Administration or
its successor agency under Public Law 103-354 regulations.
Effective (insert date) the interest rate on this loan will be
__ percent ( %) on the unpaid principal balance. Your installment
due January 1, 19 , will be ___ dollars ($___). This change in
interest rate is for the reason indicated below.
□ Increase in repayment ability as per Farm and Home Plan dated
□ (insert reason if other than above for increase in interest
You may appeal this action by writing to (hearing
officer), (address), within 30 calendar days of the date
of this letter, giving the reason why you believe this matter
should be decided differently. This time may be extended if you
cannot notify the hearing officer within 30 days for reasons beyond
[56 FR 3396, Jan. 30, 1991]
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
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. □
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:
|a. Filing an
|b. Real estate
|d. Loan orgination
|e. Loan closing
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
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 RD 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 Rural Development.
[48 FR 40203, Sept. 6, 1983; 48 FR 41142, Sept. 14, 1983]