On Tuesday, April 27, the House passed HR 5017, a bill to restore the USDA rural housing 502 single family mortgage insurance program. The legislation will increase the upfront guarantee for the program, which will allow the loan program to be self-sustaining. Borrowers will continue to be able to finance the upfront fee. The legislation passed by a vote of 352-62. To see how your Representative voted, please visit Thomas: http://clerk.house.gov/evs/2010/roll225.xml.
Also on April 27, Sen. Michael Bennet (D-CO) introduced S. 3266, a companion to the recently passed House bill. It now awaits action in the Senate Banking Committee. If legislation is not signed into law by May 7, 2010, the fund will go bust.
For more information on USDA Section 502 funding, please contact Megan Booth at mbooth@realtors.org.
