Changes Set to Take Effect on USDA Mortgage Program

Several changes within  the USDA mortgage program are in the works to take effect September 1st, 2014. The U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced a series of changes to a popular loan program for rural homebuyers recently. The changes are part of an extensive overhaul intended to strengthen rural housing markets, increase the availability of rural home loans and spur the construction of new homes in rural areas. “These improvements will help create jobs and enable more people to participate in the rural home loan guarantee program,” says a state director for USDA Rural Development, said. “Since the inception of the program, more than 54,000 rural residents in Illinois have received mortgages guaranteed by USDA Rural...

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