Southern Carolina Realty Inc.

USDA is on the fast track to receiving Congressional approval for more funds.  I’m shocked to say this but Congress appears to be working quickly to avoid a lapse of funds this year.  As it stands right now, the House FSC unanimously passed the bill and it’s cleared to be considered by the full House of Representatives early next week.  The way this is progressing, I would recommend to buyers to keep on applying for USDA loans.  They are not out of money yet and it appears Congress may not let them run out of money.  I’ve listed a link to the press release below and attached a copy of the bill. http://www.house.gov/apps/list/press/financialsvcs_dem/pressKanjo_04222010.shtml   

Here are a few changes to the USDA program that are inside this bill. 

Funding fee increased from 2% to 3.5%

• Currently there is no monthly PMI, but the new bill would authorize 0.50% PMI per year

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