Rural Housing Preservation and Stabilization Act of 2010
Posted by Jennifer Mackay.com on Wednesday, April 28th, 2010 at 11:41am.Yesterday, the U.S. House of Representatives passed the Rural Housing Preservation and Stabilization Act of 2010 (H.R. 5017).
Through this legislation, the guarantee fee in the USDA Guaranteed Rural Housing (GRH) Program may be raised to offset any need for Congressional appropriations.
Additionally, H.R. 5017 would authorize USDA Rural Development to guarantee up to $30 billion in loans in Fiscal Year 2010.
This would represent an additional $18 billion in loan making authority for the remainder of this fiscal year.
Before these changes can be implemented, similar legislative action will need to occur in the U.S. Senate.
Following this action in the House, the USDA Rural Development National Office sent an announcement that stated: Depending upon Congressional activity with the proposed legislation it is possible that the Agency may consider issuing Conditional Commitments.
Jennifer Mackay | Broker Associate
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Share7 Responses to "Rural Housing Preservation and Stabilization Act of 2010"
Jennifer, this is a good information that you had shared...I think it would help in increasing the sales of rural housing...Thank you for providing such a good post...Keep posting....Regards, Preston
Posted on Saturday, May 1st, 2010 at 10:54 PM.
Sound like good news for buyers seeking funding through Rural Development. The process is a little longer than conventional funding through the bank or mortgage company. But for many it's a good option and the additional funding will help many more people get into a home.
Posted on Monday, May 3rd, 2010 at 9:49 PM.
These are great loans, many buyers utilize them up here in Alaska where there is a lot of underdeveloped housing areas; I am surprised to see that they are so popular down in the states, up here I have been under the impression that qualifying for RD financing was restricted to low population areas? Perhaps I need to freshen up my lending knowledge...
Posted on Wednesday, April 20th, 2011 at 6:18 PM.
Thanks for the wonderful comments everyone - we've been under construction at the house for the past several months, but we're back in full swing with our comments.
Posted on Monday, May 9th, 2011 at 10:30 AM.
Great post. I agree with Bill. Folks who are in the position to and can buy now while taking advantage of these extremely low rates will be sitting in a very good position in the future.Thanks for the post.
Posted on Saturday, July 23rd, 2011 at 2:36 PM.
Thanks for stopping by Indiana and offering your opinion.
Best wishes,
Jennifer
Posted on Tuesday, July 26th, 2011 at 10:35 AM.
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What's the word through your area on funding for USDA Rural Dev loans? We have several lenders who have stopped writing them for now.
Posted on Wednesday, April 28th, 2010 at 11:46 AM.