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USDA Rural Development Loans - changes and updates, funding availability- FUNDING is available -

By
Mortgage and Lending with Mortgage Investment Services Corporation NMLS# 879810

This year has been a record year for USDA Rural development guarantee loan program with the tax credit earlier this  year the demand for the product out paced what the US Government had budgeted for the program and in May there was a shortage of funds experienced.   Many banks are not doing the program now because there is no funding available.  Effective May 26th, USDA began issuing conditional commitments on the USDA loan program. 

Since USDA will be issuing conditional commitments we are back in business doing USDA loans, there have been some changes in the program the cost of the RD Fee that is financed into the borrowers loan has gone up from 2.25 to 3.50 - this is still financeable!

Income limits by family size have had a slight change they are as follows:

1-4 persons -  $74,050

5-8 persons -  $97,750

Remember there is no purchase price limitation on the amount of the house on this program, the borrower is just limited to income and making sure the debt to income ratio follows program parameters.

For more questions about the USDA Home loan program please feel free to email me at dstewart@metronationalbank.com or contact me at 417 874 7331.

 

Darren Stewart

 

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