rd: Rural Housing Program Restored
- 07/28/10 04:22 PM
Last night Congress finally passed legislation to restore funding to the 502 single-family rural housing program. Senator Michael Bennet (CO) and Reps. Kanjorski (PA) and Capito (WV) championed this issue that has been working its way through Congress since March. The legislation will increase the guarantee fee for borrowers (but still allow it to be financed), which will make the program self-sufficient. The legislation also increases the commitment authority so Rural Housing Service can formally guarantee loans (they had been providing conditional commitments). We anticipate a notice from Rural Housing shortly after the President signs the bill. (0 comments)
rd: Flood Insurance extension and a Rural Development Update for Idaho
- 04/16/10 03:48 PM
By Dean Tucker, Waterstone Mortgage - Prime Equity Group in Boise Idaho Congress has passed - and President Obama has signed into law - legislation to renew the NFIP (Flood Insurance) through May 31, 2010. NAR will continue to work with Capitol Hill to ensure a lasting reauthorization prior to May 31. Also this week, Reps. Paul Kanjorski (D-PA) and Shelley Moore Capito (R-WV) introduced a bill to restore the USDA rural housing 502 single family mortgage insurance program. The legislation will increase the upfront guarantee for the program, which will allow the loan program to be self-sustaining. Borrowers will continue (0 comments)
rd: RD Loans, are they going going gone forever?
- 04/08/10 11:41 AM
By Dean Tucker, Waterstone Mortgage - Prime Equity Group in Boise Idaho This week our industry lobby group met with staff for the Housing subcommittee in Congress to discuss our concerns regarding the Rural Housing guarantee program, and the imminent shortfall in funding authority. This follows up our letter to Congress of last week. Here are the key points: Members of the Committee understand the issue and want to resolve it. There is no support for a supplemental appropriation -- (i.e. additional spending bill). Congress is "spent out", and there simply is no major spending bill on the horizon to which (0 comments)
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