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...
Read MoreThe House of Representatives officially passed H.R. 5017
As promised we are trying to keep you up to date on our USDA Guaranteed Rural Housing Funding issues. We have two pieces of good news to share. First, the House of Representatives officially passed H.R. 5017 this afternoon. This bill would increase the Guarantee Fee relative to the actual cost of the program. Senator Bennet from Colorado has already stepped up and expressed his support for this bill and we are hopeful it will be brought before the Senate soon. Secondly, USDA is carefully monitoring this Congressional activity and stated they will consider issuing conditional commitments. Their decision to do so will be based on Congressional progress. Now is the time for you to contact your Senators to ask them for their support regardless of political...
Read MoreHouse to review USDA extension options
On Thursday, April 22, 2010 the House of Representatives’ Financial Services Committee will consider several housing-related bills, including H.R. 5017, a bill introduced on April 14 that would make additional funding available for the Section 502 guaranteed mortgage loan program in Fiscal Year 2010. The mark-up will be broadcast live online via the Committee’s website beginning at 10 a.m. Eastern time. H.R. 5017, named The Rural Housing Preservation and Stabilization Act of 2010, would authorize up to $30 billion for the Section 502 guarantee program this year. (It has no provisions on rental housing preservation and is not related to H.R. 2876, The Rural Housing Preservation Act of 2009, which has been subsumed into H.R. 4868.) The program is...
Read MoreBills Introduced to Extend USDA ‘Zero Down’ Home Loans
Two members of the U.S. House of representatives have introduced bills to save the U.S. Department of Agriculture’s Single-Family Housing Guaranteed Loan Program–one of the last ways to get into a house for no money down–which is expected to exhaust its fiscal-year funding in coming weeks. Rep. Shelley Moore Capito (R, WV) the ranking Republican member of the House Financial Services Subcommittee on Housing and Community Opportunity, late Tuesday introduced legislation that would increase the current 2% guarantee fee to between 3% and 4%. Separate legislation was recently introduced by Rep. Paul E. Kanjorski (D, Pa.), chairman of the House Financial Services Subcommittee on Capital Markets. That version has the lender paying a 3.5% upfront fee...
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