Rural Housing to receive additional 18 billion

By
Mortgage and Lending with Cherry Creek Mortgage

Yesterday, the U.S. House of Representatives passed the Rural Housing Preservation and Stabilization Act of 2010 (H.R. 5017).  Through this legislation, the guarantee fee in the USDA Guaranteed Rural Housing (GRH) Program may be raised to offset any need for Congressional appropriations.  Additionally, H.R. 5017 would authorize USDA Rural Development to guarantee up to $30 billion in loans in Fiscal Year 2010.  This would represent an additional $18 billion in loan making authority for the remainder of this fiscal year.

Before these changes can be implemented, similar legislative action will need to occur in the U.S. Senate. 

Following this action in the House, the USDA Rural Development National Office sent an announcement that stated: "Depending upon Congressional activity with the proposed legislation it is possible that the Agency may consider issuing Conditional Commitments."

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Rainer
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Melissa Anderson
Mortgage of Texas & Financial - San Antonio, TX

That's great news.  I handle many USDA loans here in Texas. 

Apr 28, 2010 10:40 AM #1
Rainer
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Jack Hughes
Hughes Appraisal Group Inc. HUD/FHA Approved) - Lehigh Acres, FL

That' great news. I do alot of usda appraisals in sw fla

May 04, 2010 01:13 AM #2
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