Friday, May 14, 2010

USDA Guaranteed Funding, 05/14/2010

Everyone is holding their breath about USDA Rural Development Guaranteed Funding.

Ok, here is the word,  the bill passed the house and now they say it only has to go back to the Senate for the final approval based on the changes.

The Guaranteed program ran out of funds this week.  No big deal!  They can now offer conditional commitments waiting on funds and the passing of the bill that requires a new 3.5% funding fee.

If I were a lender, I would be changing the docs and the loan amount to reflect that change.  You will be in the front of the line!!

They only suspect a 1.5 week delay in the running out of funds and the new funds.  Don't be left in the dust.

Think about it folks!

More to follow in our next blog when things are officially passed.

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