USDA Funding - Update

By
Mortgage and Lending with Evergreen Home Loans MLO-108328

photo courtesy of Francesco Marino at freedigitalphotos.net

 

Great News!!!  The USDA program seems to be on the verge of securing new funding.  Investors who purchase USDA loans are now beginning to issue guidance on how to handle the loans in the meantime.  See below:

"Fiscal Year 2010 Appropriated Funds - Issuing Conditional Commitments once Appropriated Funds are Exhausted

The Single Family Housing Guaranteed Loan Program (SFHGLP) will issue Conditional Commitments once currently appropriated funds for Fiscal Year 2010 are exhausted.  Conditional Commitments will be issued "subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans."

We still don't know exactly when the new funds will be approved, but from everything we are hearing and reading, it should be soon.  Don't hesitate to contact us today if you would like more information.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Washington Kitsap County
Tags:
kitsap county
kitsap
kingston
port orchard
poulsbo
bainbridge island
bremerton
silverdale
usda
zero down
loans
rural home loan

Anonymous
Post a Comment
Spam prevention
Spam prevention
Anonymous
Post a Comment
Spam prevention
Rainmaker
98,180

Kevin Hancock

The Hancock Mortgage Team
Ask me a question
*
*
*
Spam prevention