funds Archives - Indiana USDA Mortgages

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...

Help on the way for USDA!

The Senate is slated to begin debate on an emergency appropriations bill Monday afternoon that includes a provision to get the Rural Housing Service program up and running again. The measure would allow the RHS to increase its current 2% upfront premium to 3.5% and make the single-family program self-funding. It would free RHS from the appropriations process and from seeking annual renewal of its loan commitment authority. RHS ran out of loan commitment authority on May 17. Some lenders are still using the program but only because the money has been committed, though not used. RHS is a key program for rural lenders of all stripes but also megabanks like Chase Home Finance. The emergency appropriations bill (H.R. 4899) includes funding for the wars in Iraq and...

USDA funds are almost gone, call the Secretary!

USDA recently announced that funding for USDA home mortgages would be exhausted by the end of April. They typically don’t run out of money until mid fall and then it’s replenished shortly after. If they don’t get early allocations of funds we won’t be able to offer this type of financing until the peak home buying season is over! [pullquote]You can call the Secretary of AG and voice your opinion about early funding.[/pullquote] You can call the Secretary of AG and voice your opinion about early funding. If you’re a real estate or mortgage professional tell everyone you know to call as well so we can provide USDA funding to many deserving future home buyers! Tom Filsack – Secretary of AG 202-720-3631 Dallas Tomsinger –...