We wanted to provide an update on the following pending legislative changes:
VA Funding Fee: We have been informed that the VA Funding Fees will not be reduced on November 18th as had been previously anticipated. It now appears that legislation to keep the VA Funding Fees at their current levels until 2016 will be finalized and signed by the President in the coming days. Any previously anticipated reductions to the VA Funding Fees will not be implemented at this time.
VA Funding Fees must continue to be disclosed in accordance with those outlined in the SWBC Mortgage VA Program Description (available on the SWBC Mortgage Web Portal at https://mb.swbc.com).
USDA Funding: USDA Funding for FY2012 (through September 30, 2012) is expected to be issued by the end of the week. As is always the case, there will be a time period where conditional commitments are issued “subject to funds availability” while the USDA completes the updates to their systems. SWBC Mortgage will continue to allow loans with this verbiage.
Courtesy of Mark Reed with SWBC Mortgage