8/21/2012 USDA REFINANCE REGISTRATIONS TEMPORARILY SUSPENDED
USDA announced that 2012 funding is exhausted for refinance transactions in their Single Family Housing Guaranteed Loan Program. It is effective for all new registrations on or after 8/23/12 Once the funding has been confirmed with USDA for FY 2013, Century 21 Mortgage will communicate re-activation of USDA refinances. Refinance transactions will then be subject to the new upfront guaranty fee (2.00%) and annual premium (.40%).
This announcement does not impact USDA purchase transactions. Beginning on October 1, 2012, the annual Guarantee Fee will increase from .3% to .4%. On a $200,000 loan, this adds about $16 per month. The upfront Guarantee Fee remains at 2%.