Tim Bradford - AMMCorp.net


USDA has been funded with additional moneys to guarantee loans.

I believe this is a link to the bill that will bring back USDA Loans.  http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR04899:@@@X

I am still looking for additional details.

The NAR is reporting.  The program allows 30-year originations primarily for low-income families to purchase households or renovate the ones they already own with no down payment at the time of application. Loans are guaranteed by the federal government.

The legislation for Section 502 will have a few changes.  It increases the guarantee fee for borrowers to 3.5%, however the fee can also be financed.   This will be an increase of 1.5% to the current 2.00%. 

Section 502 Rural Housing Services Single Family housing Guaranteed Loan Program, as it's formally called, was originally discontinued because in May because it had exhausted its existing funds of $13.1bn.

Tim Bradford
Ohio Mortgage Banker LO.007173.000/ NMLS 250013
Cell: 216.324.8113 Anytime
www.GetAMortgageNow.com or www.Go2Apply.com
www.OhioHomePath.com or www.OhioRuralHomeLoans.com

Serving the Ohio Realtors and Home Buyers and Home Owners
Comment balloon 0 commentsTim Bradford • August 03 2010 08:15PM


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