funding: USDA's GUS to be updated mid-Sept & removal of "subject to" verbiage
- 08/23/10 01:16 PM
This news has been a long time coming, I just got the below from USDA. It looks like GUS (Guaranteed Underwriting System, which USDA & lenders utilize to run automated underwriting on mortgage applications) will be updated in mid-September and USDA will remove the "subject to" verbiage, which should motivate all remaining lenders who have been holding out on USDA to resume making new USDA loans.
Many of you may be aware of recent legislation in which Congress provided USDA with authority to resume operating the Single Family Housing GuaranteedLoan Program (SFHGLP) at no cost to taxpayers. This was done … (1 comments)
funding: USDA Funding Update - not running out of funds as quickly as they thought
- 04/01/10 08:12 AM
Rep for one of our banks came out and said that they have received notice from Rural Development that they still have around $3 billion left of their allocation and it appears that their volume did not meet their projections, so USDA Guaranteed Rural Development funds might even be available going into May.
On Wednesday a couple bills were introduced to help extend the USDA GRH program. http://www.foxbusiness.com/story/markets/industries/finance/bills-introduced-extend-usda-zero-home-loans/ … (10 comments)
This news has been a long time coming, I just got the below from USDA. It looks like GUS (Guaranteed Underwriting System, which USDA & lenders utilize to run automated underwriting on mortgage applications) will be updated in mid-September and USDA will remove the "subject to" verbiage, which should motivate all remaining lenders who have been holding out on USDA to resume making new USDA loans.
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