As of September 8, 2010 the USDA will begin obligating section 502 Single Family Housing Guaranteed Loans.
This news was released in a press release on September 7, 2010
The systems enhancements will
Phase out the old 2 percent fee structure for purchase loan guarantees
Allow for a new up front fee of 3.5% as authorized by Congress
Enable lenders with access to Rural Development Guaranteed Underwriting System to begin submitting new loan requests. This is great news!
The first priority will be to fund the backlog of approximately 1.6 BILLION in conditional commitments. NOW, if you thought USDA was for beef think again! Folks there are a lot of ways to finance homes and the USDA is a option that you need to consider if you are buying in rural Pierce County or anywhere in the United States that is considered rural by the USDA.
If you would like a list of lenders who can help you with obtaining a USDA home loan in Pierce County please use the contact form in the sidebar.
