{"id":896451,"date":"2019-09-17T14:09:22","date_gmt":"2019-09-17T20:09:22","guid":{"rendered":"https:\/\/www.myconstructionexpert.com\/blog\/?p=896451"},"modified":"2019-09-17T14:09:29","modified_gmt":"2019-09-17T20:09:29","slug":"rule-change-for-single-close-construction-to-permanent-loans","status":"publish","type":"post","link":"https:\/\/www.myconstructionexpert.com\/blog\/rule-change-for-single-close-construction-to-permanent-loans\/","title":{"rendered":"RHS Amends Rules for Single Close Construction to Permanent Loans"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.thewbkfirm.com\/industry\/rhs-amends-rules-for-single-close-construction-to-permanent-loans\">Weiner Brodsky Kider<\/a> | September 11, 2019<\/p>\n\n\n\n<p>The USDA\u2019s Rural Housing Service (RHS) recently issued a\u00a0final rule, pushing back from August 21, 2019, to October 1, 2019, the effective date of a\u00a0prior rulemaking\u00a0that seeks to facilitate and encourage single close combination construction to permanent loans (single close loans) under the Single-Family Housing Guaranteed Loan Program (SFHGLP).<\/p>\n\n\n\n<p>According to RHS\u2019s prior rulemaking, warehouse lenders currently have difficulty making affordable single close loans under the SFHGLP because of the inability to cover construction costs and make payments to secondary market investors during the construction period.&nbsp; As a result, the rulemaking amends the SFHGLP regulation to ease the financial costs of interim construction financing for such lenders by: (i) allowing a temporary interest rate higher than the permanent note rate for interim construction financing; (ii) removing the requirement for loan modification or re-amortization once construction is complete (thereby allowing loans to remain in mortgage backed securities without interruption); and (iii) allowing for the reserve of regularly scheduled principal, interest, taxes and insurance payments for up to 12 months during the construction period.<\/p>\n\n\n\n<p>In addition, the final rule allows single close loans for the rehabilitation of existing dwellings upon their purchase, eliminates maximum interest rate cap requirements for all SFHGLP loans, and updates lender mortgage record retention requirements to include single close construction documentation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Weiner Brodsky Kider | September 11, 2019 The USDA\u2019s Rural Housing Service (RHS) recently issued a\u00a0final rule, pushing back from August 21, 2019, to October 1, 2019, the effective date of a\u00a0prior rulemaking\u00a0that seeks to facilitate and encourage single close combination construction to permanent loans (single close loans) under the Single-Family Housing Guaranteed Loan Program&hellip; <a class=\"more-link\" href=\"https:\/\/www.myconstructionexpert.com\/blog\/rule-change-for-single-close-construction-to-permanent-loans\/\">Continue reading <span class=\"screen-reader-text\">RHS Amends Rules for Single Close Construction to Permanent Loans<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[14],"tags":[9895,10949,10947,10948],"class_list":["post-896451","post","type-post","status-publish","format-standard","hentry","category-construction-2","tag-advise-consult","tag-construction-loans","tag-rural-housing-service","tag-single-family-housing-guaranteed-loan-program","entry"],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RHS Amends Rules for Single Close Construction to Permanent Loans - Advise &amp; 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