USDA Extension passes the Senate!

USDA Extension passes the Senate!

Last night by a vote of 67 to 28 (5 not voting), H.R. 4899 Supplemental Appropriations Act, 2010 passed in the U.S. Senate. The legislation will now move to a conference process with members of the U.S. House and U.S. Senate.
Contained in this legislation as passed in the Senate is the authority needed to raise the guarantee fee in the USDA Section 502 Guaranteed Rural Housing Program to an amount not to exceed 3.50% of the loan amount. Additionally, the legislation allows for funding authorization sufficient to meet all of the demand for the remainder of Fiscal Year 2010.
While USDA Rural Development has now implemented a process to issue loan approvals (Conditional Commitments: RD Form 1980-18) that are “subject to” Congressional action, this legislative action in the Senate takes the funding issue for the USDA Section 502 Guaranteed Rural Housing Program one step closer to a permanent solution for FY2010.

DISCLAIMER: Neither Indiana USDA Mortgages ( nor Luminate Home Loans is affiliated with any government agencies, including the USDA.

1 Comment

  1. admin
    May 28, 2010

    We are taking application, locking loans and closing USDA loans once again! Do some research, apply on our website and we’ll get you up and running to take advantage of this great program.