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USDA Committments An Issue...for Now!!!!

By Larry Bettag

Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

June 04, 2010 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 guarantee fee RHS is authorized to charge on the proposed guaranteed loan, the lender agrees to promptly return the difference to the borrower.

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Kathleen Lordbock

Keller Williams Realty Professionals - Baxter, MN

Keller Williams Realty Professionals

It is hard to keep up with all the latest developments on all these programs- thanks for the update.

Jun 04, 2010 05:39 AM

Barb & Sal Dragotta

Macomb, MI

Macomb County Michigan

Larry...this is the 2nd article [ blog] on this information; it is challenging to discover and keep up on all the changes in our Profession. It was sometimes, a tad overwhelming to take the 2hour class "Legal Update" somehow, I wonder if this 2 hour class will not soon become a week long 9-3 study. that is a tongue-in-cheek statement.It is good that those of you who are up to date share with the rest of us who may not have seen this notice. Is this not the one that went into effect on 2 June 2010? Or is this another different aspect?
Barb & Sal

Jun 04, 2010 06:57 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

I love the government. Let's wave money in these peoples faces and say "Hey, here is the money, hopefully in 90 days you can touch it... Good luck!"

Jun 04, 2010 11:21 AM

USDA Committments An Issue...for Now!!!!

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