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  • RHS finalizes changes to Single-Family Housing Guaranteed Loan Program

    Agency Rule-Making & Guidance

    On August 31, the Rural Housing Service (RHS) issued a final rule in the Federal Register announcing changes to the Single-Family Housing Guaranteed Loan Program (SFHGLP). The final rule, among other things, updates the requirements for federally supervised lenders, minimum net worth and experience for non-supervised lenders, approved lender participation requirements, handling of applicants with delinquent child support payments, and builder credit requirements. Specifically, the rule establishes that lenders not supervised by federal banking agencies must have “a minimum adjusted net worth of $250,000, or at least $50,000 in working capital plus one percent of the total volume in excess of $25 million in guaranteed loans originated, serviced or purchased during the lender’s prior fiscal year, up to a maximum $2.5 million.” The final rule also requires one or more lines of credit with a minimum aggregate of $1 million, and clarifies that lenders must meet applicable requirements in order to begin and continue participation in the SFHGLP. The final rule is effective November 29.

    Agency Rule-Making & Guidance Rural Housing Service Lending

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