Updage on USDA Funding
I wanted to update you on what I have been hearing about USDA. There has been a lot of conflicting information out in the marketplace. There was a Rural Housing notice sent out last week indicating that the funding was being finalized and that they were going to start accepting conditional commitments with the new 3.5% guarantee fee. The day after that letter was issued it was pulled back by Rural Housing.
As it stands now, there has not been any final legislation approved and the bill has been pushed back for consideration. The Congress is busy with the new Financial Reforms being considered. We have heard from Chase that they will not accept locks or conditional commitments for this program at this time.
Also, many of the state offices are running out of funding, this includes NC. This may impact loans which have not been approved by USDA with reserved funds.
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