USDA announced yesterday that they have authorized the issuance of Conditional Commitments for Rural Housing programs to take place after the current funding is exhausted (which is on pace to happen this week). The guarantee fee will increase from 2.0% to 3.5% for purchases, and from 0.5% to 2.25% for USDA to USDA rate/term refinances. This will help self-sustain the funding for the Rural Housing program going forward.
For more information on the USDA 100% Financing (No Down Payment) Program, please contact Arianne Lowery at (503) 385-4039 or email at arianne.lowery@promortgage.net
You can Apply Online or visit www.OR-HomeLoans.com
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Posted by Stud on May 12, 2010 at 12:53 pm
Awesome!
Posted by Oregon Home Loans on May 27, 2010 at 1:09 pm
GREAT NEWS!! The USDA has announced that effective immediately, conditional commitments for Rural Housing loans has been granted! As discussed previously, Rural Housing loans are going to be subject to the new guarantee fee of 3.5%.
· The USDA has authorized $2.5B in conditional commitments to help bridge the gap between the currently exhausted funding and the time where funding becomes permanently available. The resolution that will do this (HR 4899) has been discussed in Congress for the past 48 hours, and a vote is expected to happen today. Once that bill is passed and signed into law, we will no longer have to worry about Rural Housing running out of money before the fiscal year is complete (due to the new guarantee fee of 3.5%).