usda commitments: USDA Loans are Changing Their Fees - Take Note
- 09/01/11 07:41 AM
Effective with conditional commitments issued October 1 forward, the up front fee on USDA loans will fall from 3.50% to 2.00%. That's the Good News!!!!! Not so good news is that there will be an annual fee of 0.3% which applies to all loans with conditional commitments issued October 1 forward. The up front fee on refinance transactions remains unchanged at this point. … (0 comments)
usda commitments: USDA Committments An Issue...for Now!!!!
- 06/04/10 05:35 AM
On Wednesday May 26, 2010, the USDA Rural Development announced authorization for the insurance of Conditional Commitments for the Single Family Housing Guaranteed Loan Program (SFHGLP) after currently appropriated funds are exhausted. Until formal authorization is legislatively enacted, these new conditional commitments will be made subject to: A. Availability of funds and statutory authority to obligate such funds to support the proposed guarantee; B. Statutory authority to charge a sufficient guarantee fee, if any is needed, to support the proposed guarantee with available funding; and C. Should the lender pass on to the borrower a loan origination fee higher than the … (3 comments)
usda commitments: USDA Ups Income Limits!!!! Yahoo!!!!!
- 06/04/10 02:51 AM
The USDA has announced the income limits for the Guaranteed Rural Housing (GRH) Program have changed effective June 2, 2010. The new income limits can be found at the USDA Rural Development Eligibility Home page by following either of the links provided below: http://eligibility.sc.egov.usda.gov OR, http://www.rurdev.usda.gov/rhs/sfh/sfh%20guaranteed%20loan%20income%20limits.htm Note: The number of persons used for income eligibility is the number of people living in the home, not the number of applicants on the file. Under the income limit structure for non-high cost counties, those income limits will be: 1-4 Person 5-8 Person 74,050 97,750
Please consult the above websites for the specific … (3 comments)
usda commitments: USDA Update Alert....we're back in the game.
- 05/27/10 05:46 PM
USDA will begin issuing subject to conditional commitments effective today. In turn, Chase Rural Housing will purchase these loans with subject to conditional commitment language. The guaranty fee on purchase transactions will be 3.5% and on refinances the fee will be 2.25%. Loans that already have conditional commitments at a guaranty fee of 2.00% are still valid. Review the enclosed Chase Rural Housing Announcement before requesting locks on USDA loans. It is important to note that the lender assumes all loss default risk for the loan until funds are available for Rural Development to obligate. We are hopeful that USDA will … (7 comments)
1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.” (John 14:1-4, New King James Version)
Effective with conditional commitments issued October 1 forward, the up front fee on USDA loans will fall from 3.50% to 2.00%. That's the Good News!!!!! 
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