June 2nd, 2010 
Jennifer Mackay Here’s the latest update on Rural Development funding from Kathy Hollman at Visions Bank…
Thursday night by a vote of 67 to 28, H.R. 4899 Supplemental Appropriations Act, 2010 passed in the U.S. Senate.
The legislation will now move to a conference process with members of the U.S. House and U.S. Senate. Contained in this legislation as passed in the Senate is the authority needed to raise the guarantee fee in the USDA Section 502 Guaranteed Rural Housing Program to an amount not to exceed 3.50% of the loan amount.
Additionally, the legislation allows for funding authorization sufficient to meet all of the demand for the remainder of Fiscal Year 2010.
While USDA Rural Development has now implemented a process to issue loan approvals (Conditional Commitments: RD Form 1980-18) that are “subject to” Congressional action, this legislative action in the Senate takes the funding issue for the USDA Section 502 Guaranteed Rural Housing Program one step closer to a permanent solution for FY2010.
Owners, put my technology to work for you. If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.
Buyers, when you’re ready to purchase a Panama City home or condo, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City homes sale.
Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida
“Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!”
Posted in 
Tags: 
great information about the USDA program. Keep up the good work
Jennifer, great information for Panama City (FL, not the country) home buyers. Do you guys get much rural sales?
Hello Alex,
Yes, actually there are quite a few rural purchasers in and around the Panama City Area. How is Maui? I spent some time on Kauai and never actually made it to Maui.
Is there much rural development on Maui?
Best wishes.
Thanks Bob,
We do our best.
Best wishes
Aloha Jennifer,
Well, perhaps next time you come out this way you’ll make it to Maui. We are doing well, the market is picking up (there was a Maui record-breaker last month for a condo, along with a couple of big-time purchases). As far as rural development, that normally takes years (if not decades) to see the light of day, with government red-tape at every corner. Anyway, I will be subscribing to your blog (well-written and insightful).
Alex
Aloha Alex
I certainly hope to make it to Maui and perhaps we can get together and compare notes and offer each other referrals.
Years for Rural development? That’s interesting. Is that due to the local government red tape or federal?
Thanks for subscribing, I’ve subscribed to yours as well.
Best wishes.
If you’re waiting for the legislation to be approved before closing on a new home with USDA financing, you don’t need to. You need to find a lender that will close and fund right now using the conditional commitment like I am.
Hi John,
Thanks for stopping by and offering your opinion
Best wishes
Thanks for the great post. Its nice to find insightful info on the net about Rural Development Loans. Im hoping we will start fundng them again soon in my area.
Hi Mike,
You’re most welcome. Why don’t you contact me about providing some reverse mortgage information for my visitors and customers?
Best wishes