The USDA is begging for people to borrow their money!
The program will be undergoing significant changes in October with the introduction of a monthly PMI. Until then they have plenty of money and are eager to lend it;
GUARANTEED LOAN FUNDING UPDATE: HELP WANTED!
$24 billion dollars is available in Fiscal Year 2011 (through September 30, 2011) in the Single Family Housing Guaranteed Loan Program (SFHGLP). To utilize these available funds, WE NEED YOUR HELP!
SERVE RURAL HOMEBUYERS! In the past, funding shortages due to overwhelming volume and program demand may have prohibited some home buyers from utilizing the SFHGLP. Fiscal year 2011 will be different! Congress responded to lender requests for more funding and delivered $24 billion for the current fiscal year!
LEND WITH CONFIDENCE! Future Guaranteed Loan Funding Updates will continue to be released in order to keep our lending partners informed of available funding levels.
TOTAL $ OBLIGATED: $9.2 BILLION
TOTAL # LOANS: 70,759
OVER $15 BILLION REMAINS TO
SERVE RURAL HOMEBUYERS!
Beginning October 1, for the first time in the history of USDA, the Single Housing Guaranteed Loan Program will have an annual fee. This fee will be calculated based on the guaranteed loan amount and based on the average annual scheduled unpaid principal balance for the life of the loan. In other words the program will now require monthly PMI.
- USDA Lending Tip; Eligible Homes Locator Map (theraleighmortgageguy.com)