Senate Archives - Indiana USDA Mortgages

Did we mention? USDA IS BACK!

HR 4899 was passed today by the house in a version identical to the one passed in the Senate earlier this summer. The bill is now reconciled and will probably go to President Obama to sign into law sometime in the next two weeks . With that said, some lenders are taking applications and closing loans for USDA at this very moment. Many banks and mortgage companies are still waiting for the official USDA green light. There has been a lot of optimism about the bill eventually passing and including a method for USDA to continue funding for the remainder of the year. With that in mind, some investors are willing to hold those loans until this happens and seek funding at a later date. First Republic Mortgage is proud to offer USDA home loans right away! In...

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...