Possible extension for rural housing program
May 3rd, 2010
Written by Frost Mortgage
Categories: Homebuying, Mortgage Banker News, Mortgage News, Mortgage Programs, Real Estate News, Rural Housing Service, U.S. Department of Agriculture loans, USDA
The Rural Housing Service’s single-family program (subscription required) is almost out of loan guarantee authority, but a bill passed by the House and potentially being taken up by the Senate this week would extend it to Sept. 30, giving it time to become self-funding by raising its fee to 4 percent (it is currently 2 percent). The Agriculture Department-managed program has been extremely popular.
U.S.Department of Agriculture (USDA) loans are one of our specialties, and we’ll be watching these developments closely. Please click today to find a friendly, helpful loan officer in your area.
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