Yesterday (april 27th) the House of Representatives passed Rural Housing Preservation and Stabilization Act of 2010 (H.R. 5017). This will allow for USDA mortgages to have funding again. It is in the Senate now for voting and should be passed soon. This is great news! There has been a significant increase in demand for USDA loans as a result of the economic crisis over the past two years. The number of rural home loans has tripled since 2006, while federal funding has failed to keep up with the growth of the program. As a result, the current program is expected to run out of funding within days. Last week the program exhausted over $496 million dollars in funding, leaving an average of 2.3 weeks of funds remaining. This bill would make the program self-funded and will cut discretionary spending $24 million in 2010, according to the April 26th Congressional Budget Office Cost Estimate report, if put in place by appropriations. Lets hope this gets passed soon and I will keep you updated. Please call with any questions.
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