USDA Rural Development Update

June 1, 2010 - PRLog -- USDA has been without funds for Rural Development Home Loans for the last few weeks.  They now have 2.5 Billion available. Conditional commitments are now being issued.  A large percentage of the state of Arkansas qualifies for these loans.

Borrowers who signed real estate contracts before the end of April but did not get closed on their homes prior to USDA running out of funds now have hope.  With that said there is probably  going to be a bit of a back log in underwriting so its important to get with your loan officer immediately and you’re your loan into underwriting.

USDA does charge a Funding Fee which is similar  to the Upfront MIP that FHA charges, and the Funding Fee VA Mortgage Loans have  The fee has always been 3.5% but the government subsidized it down to 2% but it will now be the full 3.5%

Here at Primary Residential Mortgage we specialize in USDA Home Loans.  Call, come by our office, or visit us online at www.arkansasmortgageonline.com for more information.

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