USDA’s Rural Housing Service offers a variety of programs to build or improve housing and essential community facilities in rural areas. We offer loans, grants and loan guarantees for single- and multi-family housing. We are working together to ensure that rural America continues to be a great place to live, work and raise a family.
USDA announced that it will cut its loan fees for lenders who use their single-family housing loan guarantee program. According to the announcement, the USDA is set to cut its upfront guarantee fee from 2.75% of the loan-at-close amount to 1%. Additionally, the USDA is cutting its annual fee reduced from 0.50% of the unpaid principal loan balance of 0.35%.
So, what’s the reason for the cut? According to the official, the USDA is able to cut its upfront and annual fees because borrower delinquency and foreclosure rates have reached “historic lows” since the beginning of the housing crisis. Additionally, the official said that successful partnerships between the USDA and the lenders who participate in its loan programs have resulted in “very strong” performance within this program. “When our borrowers succeed, the program succeeds,” USDA Rural Housing Service Administrator Tony Hernandez said in a statement provided to HousingWire. “Excellent overall performance in our Single Family Housing Guaranteed Loan Program means we can charge less for the life-changing opportunity to own a home.”
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Source: HousingWire
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