USDA Single Family Loan Guarantee Program to Resume
Source: USDA & Rural Development, August 23, 2010
Memo by: Tammye Trevino
Congress recently provided USDA with the authority to resume operating the Single Family Housing Guaranteed Loan Program (SFHGLP). When the Agency can resume the issuance of Loan Note Guarantees the new fee for purchase loans will be 3.5%.
As in the past, the fee may be financed in the loan up to 103.5% of the RMV or Sales price, whichever is greater. It is expected that the Agency will resume issuance of the LNG on or about September 13th.
Until this time, the process will continue as it is now. Also, at this time, there will not be a 0.5% annual fee imposed, and this is not expected for fiscal year 2011.
For more info view PDF of memo from USDA, SFHG Lender Funding Notice
