USDA Update – Project the program to be back in action by May 12th

Just wanted to give you an update on the USDA program progress.  A bill was introduced by Republican Shelly Capito from W. Va. yesterday in the House.  Process time to clear the House should be 7 to 10 working days.  Then on to the Senate where you know who is in charge of the Finance Committee (Barney Frank).

By the way, he is in favor of the funding which will not be funding at all.  The bill being presented will raise the MIP to 3.50 and then be adjusted on an annual basis to make the program self-sufficient.  Makes perfect sense and is budget neutral.  Seems like a layup but then again, we’re talking about the Apple Dumpling Gang here.  Passage in the Senate should take about 2 weeks (working days).  Given the calendar and my math skills, we would project the program to be back in action by May 12th.  With any luck, we will open the new door as the old one closes.  More as it becomes available.

About Max Leaman Austin Mortgage

GREAT RATES, LOW FEES, CLOSE ON TIME™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

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