Just got an update from USDA about their guidance in yesterday’s bulletin! They are recalling and voiding the guidance from yesterday. Notice will be revised and updated within the next 24-48 hours. One of the things that I noticed in the update yesterday was the absence of the .5% monthly fee that has been discussed and is in the present bill. Yesterday’s update did include the new 3.5% upfront fee, but it appears (at least to me) that they forgot to add the monthly. So, as soon as the new one comes out, I will let everyone know ASAP. Hopefully, it is just to add the verbaige about the monthly MI.
Here is a copy of today’s bulletin:
SFH Origination News
From the National Office in Washington DC
Fiscal Year 2010 Appropriated Funds – Issuing Conditional Commitments once Appropriated Funds are Exhausted
The purpose of this notice is to recall and void the guidance that was released on May 11, 2010, regarding Fiscal Year 2010 Appropriated Funds – Issuing Conditional Commitments once appropriated funds are exhausted. The guidance provided in the notice will be revised and released within the next 24 to 48 hours. We apologize for any inconvenience this may cause, and reiterate that the guidance provided on May 11, 2010 is hereby void.
We appreciate your continued participation in the Single Family Housing Guaranteed Loan Program. If there are questions regarding this notice please contact our office at 202-720-1452.