RHS Revises Down Payment, Insurance Rules for Home Loans

摘要

The Rural Housing Service (RHS) has tentatively revised the insurance requirements for Section 502 direct home loans and Section 504 home repair loans in an effort to make it easier for homeowners to obtain affordable coverage. The RHS published a direct final rule on the insurance changes in the August 22 Federal Register. The rule also revises net asset limitations and down payment requirements for loan applicants and updates the definition of rural area to refer to the effective date of 2010, rather than 2000, census data. The rule will go into effect on November 5 unless the agency receives written adverse comments or a written notice of intent to submit such comments by October 21. If adverse comments are received on any parts of the rule, the RHS will publish a notice withdrawing those parts and proceed with implementation of the remainder.