Garanteed Rural Housing is unable to issue Loan Note Guarantees until Congress restores the funding authority (I have not heard when this will be) Once funding is restored on these loans, there are two possible scenarios:
•1. The funding fee will remain at the present Congressionally authorized rate of 2%; in which case the lender will have to apply the difference to the principal; or
•2. The funding fee will be increased to 3.5% as proposed in present legislation.
Thank you,
Heather Burns
Home Mortgage Consultant
Guild Mortgage Company
425-945-8035 Office
206-714-3522 Cell
206-577-2901 Efax
Apply Online: http://www.guildmortgage.net/heatherburns
Follow me on Twitter: http://twitter.com/urownlo
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