Refinancing with private credit.

CFR · 2024-01-01 · US · Title 7

(a) (b) (c) (1) A borrower undergoing review is required to supply, within 30 days of a request from RHS, sufficient financial information to enable RHS to determine the borrowers ability to refinance with private credit. Foreclosure action may be initiated against any borrower who fails to respond. (2) When RHS determines that a borrower has the ability to refinance with private credit, the borrower will be required to refinance within 90 days. (3) Within 30 days after being notified of the requirement to refinance with private credit, a borrower may contest the RHS decision and provide additional financial information to document an inability to refinance with private credit. (d) (i) The lenders contacted. (ii) The amount of the loan requested by the borrower and the amount, if any, offered by the lenders. (iii) The rates and terms offered by the lenders or the specific reasons why other credit is not available. (iv) The information provided by the borrower to the lenders regarding the purpose of the loan. (2) If RHS determines that the borrower's submission does not demonstrate the borrower's inability to refinance with private credit, or if the borrower fails to submit the required information, foreclosure may be initiated. (e) (1) The amount required to repay the RHS debt, exclusive of recapture; (2) Reasonable closing costs; (3) Up to one percent of the loan amount for loan servicing costs, if required by the lender; and (4) The cost of any necessary repairs or improvem

official document · source cfr-2024 · id 7:§ 3550.160