Big USDA Changes Coming!

BIG USDA changes coming for FY 2017… On October 1, 2016, the first day of Fiscal Year 2017 (FY17), both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance loans will decrease. We are reducing the upfront guarantee fee from 2.75% to 1%, and the annual fee from .5% to .35%. The Guaranteed Underwriting System (GUS) will be updated on August 31, 2016, to allow lenders to select and underwrite using either the FY16 or FY17 fee schedule. The determination will be based on the current processing timeframes in each state. Source: USDA circular

By | 2016-08-26T18:49:19+00:00 August 26th, 2016|Uncategorized|0 Comments

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