You can quit holding your breath, USDA has funding. For all of us who do USDA loans or as they are called in some parts, Rural Housing loans, we now have funding for the rest of fiscal year 2012. Since October 1st of this year, Congress has issued two continuing resolutions that gave short term, temporary funding for this popular no down payment mortgage; now we have permanent funding through September 30, 2012.
USDA issued an “SFH Origination Updates”, dated December-1-2011, stating that $24 billion has been appropriated for USDA’s Single Family Housing Guaranteed Loan Program (SFHGLP).
“Please note that it will take approximately two weeks before the FY12 appropriated funds are posted to the SFHGLP account.”
USDA also changed their fee structure for FY12 and they are:
Ø The upfront guaranteed fee for purchase transactions was lowered to 2%
Ø For the first time USDA has a monthly fee (think of it as monthly mortgage insurance) of 0.30%
»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»Who Can You Call For Your Mortgage Needs in North Carolina?
Call Shay Campbell a licensed Loan Officer, NMLS# 46083 and LO5 designation, located in the Triangle area of NC, which includes Raleigh, Cary, Durham, Chapel Hill, Apex, Holly Springs, RTP and the counties of Wake, Durham, Johnston, Chatham and Orange. Shay has over 12 years of originating experience in North Carolina and can assist you with FHA, VA, USDA, NCHFA and conventional loans. He has a special interest in working with first time home buyers. Shay can be contacted at 919-624-8614, shay@shaycampbellmortgage.com or visit his website at shaycampbellmortgage.com.
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