Good News for Hernando County, Florida from USDA
It does not happen everyday that the government apologizes for causing a disruption or inconvenience but the Florida home office of the USDA did just that today!
Back in May 2011, the USDA announced eligibility changes to the Guaranteed Loan Program or more commonly referred to as "USDA loans" that would have excluded homes in large portions of Hernando County including most of Spring Hill, Florida.
With today's notification, this has now changed. All properties in Hernando County will remain eligibile for the Guaranteed Loan Program through USDA.
However, there will still be some changes to the program. Currently, there is an upfront fee of 3.5% of the loan amount charged to borrowers. This initial fee will be reduced to 2% and an annual fee will be introduced as part of the monthly mortgage payment. Administrative Notice 4551 states that "for Fiscal Year (FY) 2012, an annual fee of 0.3 percent of the outstanding principal balance will be required".
This change is made to keep the USDA program self-sufficient and not dependent on public subsidies. These changes will take effect October 1, 2011.
Good News for Hernando County, Florida from USDA
If you are looking for homes for sale in Hernando County, including Spring Hill and Brooksville, please contact me.
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