Very Low to Moderate Income Housing Loans

Very Low to Moderate Income Housing Loans The following is a summary of information about low to moderate income housing loans available to individuals or families through the U.S. Department of Agricultures Rural Development program as listed in the  Catalog of Federal Domestic Assistance  (CFDA). During the fiscal year 2015, a  total of $18.7 billion in loans were granted. The average direct loan granted was for $125,226 while the average guaranteed loan was for $136,360. Objectives To assist very low, low-income, and moderate-income households to obtain modest, decent, safe, and sanitary housing for use as a permanent residence in rural areas. Types of Assistance Direct Loans; Guaranteed/Insured Loans. Uses and Restrictions Direct and guaranteed loans may be used to buy, build, or improve the applicants permanent residence. New manufactured homes may be financed when they are on a permanent site, purchased from an approved dealer or contractor, and meet certain other requirements. Under very limited circumstances, homes may be re-financed with direct loans. Dwellings financed must be modest, decent, safe, and sanitary. The value of a home financed with a direct loan may not exceed the area limit. The property must be located in an eligible rural area. Assistance is available in the States, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of Northern Marianas, and the Trust Territories of the Pacific Islands. Direct loans are made at the interest rate specified in RD Instruction 440.1, Exhibit B (available in any Rural Development local office), and are repaid over 33 years or 38 years for applicants whose adjusted annual income does not exceed 60 percent o f the area median income, if necessary to show repayment ability. Payment assistance is granted on direct loans to reduce the installment to an effective interest rate as low as one percent, depending on adjusted family income. Payment assistance is subject to recapture by the government when the customer no longer resides in the dwelling. There is no funding provided for deferred mortgage authority or loans for deferred mortgage assumptions. Guaranteed loans may be made to refinance either existing RHS Guaranteed Housing loans or RHS Section 502 Direct Housing loans. Guaranteed loans are amortized over 30 years. The interest rate is negotiated with the lender. Eligibility Requirements Applicants must have very low-, low- or moderate incomes. Very low-income is defined as below 50 percent of the area median income (AMI), low-income is between 50 and 80 percent of AMI; moderate income is below 115 percent of AMI. Families must be without adequate housing, but able to afford the housing payments, including principal, interest, taxes, and insurance (PITI). Qualifying repayment ratios are 29 percent for PITI to 41 percent for total debt. In addition, applicants must be unable to obtain credit elsewhere, yet have an acceptable credit history. Beneficiary Eligibility Applicants must meet eligibility requirements. Guaranteed Loan Low and Moderate income eligible. Credentials/Documentation Applicants may need to submit evidence of inability to obtain credit elsewhere, verification of income, debts, and other information on the application; plans, specifications, and cost estimates. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles. Application Procedures This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. For direct loans, an application is made at the Rural Development field office serving the county where the dwelling is or will be located. For guaranteed loans, an application is made to a participating private lender. Award Procedure Rural Development field offices have authority to approve most Direct loan requests. Processing of guaranteed loans varies in each State. Consult your local telephone directory under U.S. Department of Agriculture for a Rural Development field office listing or visit the website http://offices.sc.egov.usda.gov/lcoator/app for a State Office listing. If no backlog exists, decisions on direct loan applications are made within 30 to 60 days. Requests for guarantee loans are acted upon in 3 days of receipt of the lenders request for guarantee. Range of Approval/Disapproval Time For direct loans, from 30 to 60 days subject to availability of funds, from the time the application is filed if no backlog of applications exists. A pre-qualification may be provided to potential direct loan applicants upon call or visit a Rural Development office, though results are not binding. For guarantees, a decision is required within 3 days of loan package submission by the approved lender. Information Contacts Regional or Local Office Consult your local telephone directory under United States Department of Agriculture for Rural Development field office number. If no listing, contact appropriate Rural Development State Office listed in Appendix IV of the Catalog or on the internet at rurdev.usda.gov/recd_map.html. Headquarters Office Director, Single Family Housing Direct Loan Division or Director Single Family Housing Guaranteed Loan Division, Rural Housing Service (RHS), Department of Agriculture, Washington, DC 20250. Telephone: (202) 720-1474 (direct loans), (202) 720-1452 (guaranteed loans).

The Traits Model of Leadership

The Traits Model of Leadership Hashtag: #labourleadership Mark of a Good Leader The Traits Model of Leadership There is a popular impression that being an intellectual is one thing and being an effective leader is another. Intellectuals, according to the literature, are often seen as eccentric, iconoclast, awkward, irresponsible, self-absorbed, and individualistic thus incapable of leading collective activities.   For instance, in relation to #labourleadership or UK’s Labour Party leadership where alleged anti-austerity Jeremy Corbyn was recently elected, several politicians who led this political party in the past were not effective leaders. The late Michael Foot according to author Bruce Macfarlane had very strong academic and intellectual credentials but was not prepared to compromise his beliefs for the sake of political expediency. In fact, he is always remembered as the leader who endorsed the dispatched of the task force in the Falklands War in 1982 and led the Labor Party to its greatest election defeat in 1983. The traits model of leadership suggests that the characteristics of a person are a predictor of both successful and unsuccessful leaders.   For instance, although an intelligent, self-confident, determined, honorable, and sociable person has the capacity to be a leader, he or she according to study needs to possess the five personality factors – neuroticism, extraversion, openness, agreeableness, and conscientiousness. These personality factors suggest that the most effective leaders have tendencies to be depressed, anxious, insecure, and hostile. They are not only sociable and assertive, and have positive energy, but informed, creative, insightful, and curious. They are people that have the tendency to accept, confirm, trust, and nurture. Finally, they are systematic, prepared controlled, dependable, and decisive individuals. A leader, according to the literature needs to be effective in guiding the conduct of others, thus must be effective in conveying meanings and intentions, and in receiving them. A leader for that matter does not necessarily need to be an intellectual, a quality of a person that according to organization and management expert and author Chester Bernard does not work well with leadership.   The reason is that people with superior intellect and greater intellectual accomplishments are often absent-minded, non-punctual, non-decisive, and not interested in people.   Although intellectual abilities are sometimes a critical element in leadership, it is not a substitute for the other essential qualities of leadership such as those mentioned earlier. You may like these articles: Combining Academic Knowledge and Practicality Bright Sides of Academic Intellectuals We Call Nerds The Value of Academic Debate Practice What You Preach Who and What Deserve Respect? None Creature Can Fly with Just One Wing Successful leadership occurs where heart and mind meet, the two powerful wings that allow a leader to excel.   According to the study, leaders need to have enough intellect in order to understand and perform the tasks at hand, a quality that gets people in the leadership door. However, although intellect is considered a fundamental leadership trait, it is not enough to make a leader. For instance, aside from intellect, a leader need to motivate, guide, inspire, listen, persuade, and create resonance in order to execute a vision. Intellect, according to Albert Einstein, has â€Å"powerful muscles, but no personality†¦it can serve but cannot lead†.   Moreover, Swami Vivekananda, a key figure in Indian philosophy noted in one of his London lectures that â€Å"intellect is blind and cannot move by itselfInactive secondary help, the real help is feeling†.   Moreover, intellect without feelings cannot generate â€Å"authentic power†, the sustainable type of power over individual and organizations that according to the literature is the result of mastery of authenticity and emotional intelligence – unconditional trust, respect, honesty, truth, fairness, openness, care, and forgiveness.   Authentic power is generated by a leader’s capacity to do things with others while the quality of interactions and relationships is determined by the level of his or her emotional and social intelligence.