The United States Department of Agriculture and Rural Development has finally come to a consensus that American Home Buyers have been waiting on…in my area, Frisco, Prosper, McKinney, and Little Elm have been waiting.
If you are interested in applying for a USDA loan, my company has on staff, USDA specific underwriters with many years of experience in underwriting these loans with overwhelming success in comparison to our competitors. You can email me or call me directly…
Brad Lynch at 469-450-2723 or Brad@YourMortgageGuyForLife.com.
In case you were unaware, lenders have been closing and funding, with their own money, these USDA mortgages on “Conditional Commitments”. After the beginning of September 2010, USDA will fund over $1.6 Billion of the conditional commitments that participating lenders have in their possession waiting to clear their books and credit lines.
USDA is reinstated, but like the FHA world, there has been some less than attractive changes. Here are the changes that you can expect in the new USDA Rural Development lending programs:
the old 2% participation fee will be replaced with a higher suspected fee as high as 3.5%…assuming it is authorized by Congress
allow lenders with access to USDA underwriting systems
to begin submitting new loans to the system after all of the conditional commitments have been processed and USDA has committed to making funds available to new loans until the end of this fiscal year.