usda: 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)
usda: 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)
usda: USDA "income band" changes delayed until April 20th 2009
- 03/16/09 08:45 AM
I just got an email from the South Carolina USDA office stating the below - at least the delay isn't due to lack of funds, etc. and is just because HUD is taking a little longer to come out with their 2009 income limits:
A notice will be published in the Federal Register this week changing the effective date for the consolidated income bands from March 20 to April 20, 2009. The reason for the change is that the USDA Rural Development receives the basis for its income limits from the Department of Housing and Urban Development (HUD) and HUD … (5 comments)
usda: Does USDA have enough funds?
- 01/14/09 05:51 PM
That question seems to be popping up quite often lately. In recent weeks memo's from USDA offices have informed us that they estimate funds will run out very soon. There are even banks who have decided to cut off funding for USDA too, sometimes in the midst of the transaction. For the most part banks are still funding USDA loans, and they say everything is status quo, but the question is for how much longer. It is pretty normal for USDA to run out of funding, happens quite often. USDA gets their funds in blocks that are approved by congress, and … (20 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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