usda loans florida: USDA announces funding availability
- 09/08/10 02:55 AM
The USDA has announced that system enhancements which allow them to use their new funding have been completed. Although these funds had been granted by Congress, the USDA was unable to use them pending changes in their system that allowed for the increased Guarantee Fee of 3.5%. What this means is that USDA loans are expected to be fully funded through at least 2011! Look for all of the lenders that had been out of the market to begin providing USDA loans again very soon- some lenders have already sent out notices this morning. The even better news is that GUS, the Guaranteed Underwriting … (7 comments)
usda loans florida: USDA Rural Development loans are back!
- 05/27/10 04:07 AM
The USDA issued a memo yesterday, May 26, 2010, reauthorizing the issuance of conditional commitments for USDA loans. What that means is that your better lenders (the ones that usually close USDA loans while funds are waiting to be allocated) will immediately be able to continue closing loans. The amount that has been authorized is $2.5 billion and it's expected that new funding will be available from Congress before this is exhausted (there are currently a few bills, but HR 4899 is the most likely to pass quickly- possibly by today). Do know this money comes at a cost. Per the memo, … (11 comments)
usda loans florida: USDA has approved more funding.
- 05/12/10 09:05 AM
Although my good friend and colleague Larry was a little off on his title to this (no, the USDA hadn't gotten more funding yet) it is HUGELY important to note that today the USDA RESCINDED this memo. That means the USDA will not be issuing conditional commitments once money has run out, which may have already happened. In today's memo from the USDA they say to expect "revised guidance" within 24 to 48 hours. In the interim there is little we can do but wait. I will be posting the info as it becomes available. Gerry Suarez, Jr. Your FHA Loan Pro! … (2 comments)
usda loans florida: Mortgage loan applications are down for the week of April 12th but does anyone know why? Maybe it’s USDA.
- 04/14/10 02:45 AM
The Mortgage Bankers Association reports that mortgage applications for the week ending April 9th are down almost 10% from the previous week. They go on to cite the recent increase in FHA upfront mortgage insurance as the main factor, and they likely have numbers to back up that statement. What the press release says is that a 19.1% decrease in "government purchase applications" fueled the drop, but do their numbers break down what specific programs were impacted most? My point is that as of last week most lenders in the country have given up on taking USDA Guaranteed Rural Development … (0 comments)
usda loans florida: USDA Rural Development loans expecting to run out of funds by late next month
- 03/11/10 01:57 AM
Updated information- Check it out below I normally hate titles that are meant to scare people into reading but unfortunately this time there is no exaggeration to the severity of the issue. USDA Guaranteed Rural Development loans, one of the best low/no down payment financing programs left, has recently announced they expect to be out of the funds they use to guarantee loans by late April. If no action is taken by Congress to re-appropriate more funds then it will be the next budget year, after October, before we have this financing option again. But the Tax Credit deadline is looming … (46 comments)
Local information regarding Mortgage lending in Central Florida including Orange, Seminole, Osceola, Lake, Volusia and Marion Counties. Also providing up to date information on HUD and government loan programs, and first time buyer programs. I'm required to tell you I'm not acting on behalf of HUD/FHA or the US Government!
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