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Is Rural Development Funding as Important in Your State As It Is In Utah?
Since a huge portion of the home mortgage loans in our rural area of Cedar City, UT, are funded by Rural Development (RD), I am really hoping that H.R. bill 5003, "The Rural Housing Improvement Act," will pass.  If I understand the bill correctly, I believe this bill is necessary to continue the economic improvement in our country since home sales are a major factor in accomplishing our nation's financial stability.  Are RD loans as important in other states as they are in Utah?
We have been hearing recent urgent warnings from lenders saying the RD guaranteed funds were nearly exhausted and that the program may be without funds by the middle or end of April.  Therefore, when I received emails today from 2 local lenders, SWBC and MGM Financial, explaining that this bill, if passed, would be self-funding, I got on the phone to recommend passage.  Even though the guaranty fee would need to be raised in order for the program to be self-funded, at least the funds would still be available for buyers with nothing down. 
Our local economy is such that these funds are necessary in order for many buyers to qualify for mortage loans for the purchase of their homes.  I love real estate, ... more

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