On December 1st the U.S. Department of Agriculture’s (USDA) Rural Development (RD) program reported that they are funded for FY 2012 in the amount of $24 Billion for their Single Family Housing Guaranteed Loan Program (SFHGLP). Purchase loans are available now but it will take approximately two weeks for the funds to be posted to the program for loan refinances, and in the interim they will approve ‘conditional’ commitments for loan refinancing.
The FY 12 loan structure is 2 percent upfront guarantee fee for purchase transactions; 1 percent upfront guarantee fee for refinance transaction; and 0.3 percent annual fee for both purchase and refinance transactions.
RD loans can be refinanced WITHOUT an appraisal. Contact your lender or loan originator for more details. USDA RD loans are a great option for those that qualify. See their web site for more information. All Livingston County Michigan single family homes are eligible for RD financing, if you meet the income requirements.
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