USDA funding may not run out after all – HR 5017 passed today
HR 5017 passed
Today, the Kanjorski bill (HR 5017) passed unanimously in the House Financial Services Committee, a bill aimed at supporting the rural housing market that has struggled to get passed. HR 5017 also known as the Rural Housing Preservation and Stabilization Act of 2010 will end the current method of using federal funding to backstop the guarantee, but instead will fund the program through mandatory fees.
HR 5017 ensures rural homebuyers access to affordable loans through USDA, but because these loans have tripled since 2006, federal funding will be running out literally in the next few days, making passage critical.
Pennsylvania Congressman Kanjorski said, “At no cost to taxpayers, [the Kanjorski] bill will preserve the access of millions of families living in America’s heartland to needed USDA loan guarantees, so that they can continue to buy homes with affordable mortgages. Without action, too many families in rural America will have no options for getting home loans. We cannot allow that to happen.”
In order to pay for the program, lenders will pay up to a 4% fee on new home mortgages. Next, the bill moves to a House vote.
In a House press release, homeowner Virgie Spruiell from Pennsylvania said, “As a result of this program, I was able to purchase my first home which I have wanted all my life. I enjoy it every day and it is a blessing. I greatly appreciate Chairman Kanjorski’s efforts to enable the program to continue so that other people can access these guaranteed home loans just as I did.”
CC Licensed image courtesy of theqspeaks via Flickr.com.
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This article published on Friday, April 23rd, 2010 at 12:07 am | Contact the editor
Topics: News
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- Real Estate Feeds:
USDA funding may not run out after all – HR 5017 passed today: HR 5017 passed
Today, the Kanjorski bill (HR 5017) … http://bit.ly/9gHLuH - Mark Brian:
USDA funding may not run out after all – HR 5017 passed today http://ow.ly/1Cfk1
- Charles E. Lott:
USDA funding may not run out after all – HR 5017 passed today: http://bit.ly/d7Bzag via @addthis
- Ralph Bell:
USDA funding may not run out after all – HR 5017 passed today http://bit.ly/9SR0bL
- Tim Thornton:
USDA home loan funding may not run out after all– http://bit.ly/cTaZ3a #USDA #Loans #Lending #Mortgage
- AgentGenius:
#agnow Don't count your chickens before they hatch, there's still a long way to go until this gets finalized. I've… http://bit.ly/aQhlbb
- AgentGenius:
#agnow I was told today that funds have ran out. Please contact your state representatives and ask that they get th… http://bit.ly/aQhlbb
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
Don’t count your chickens before they hatch, there’s still a long way to go until this gets finalized. I’ve got clients worried about this right now!
I was told today that funds have ran out. Please contact your state representatives and ask that they get these bills passed as soon as possible. I am trying to purchase my first home and have now had my heart broken! I have called and emailed my represntatives and ask that everyone else does the same. This program is a great program making it possible for people to purchase a house that with love they turn into a home. I pray that I have that opprotunity still!