USDA Annual Guaranty Fee Increase
Dear Licensed Partner,
Effective October 1, 2014, the annual guaranty fee under USDA’s Single Family Housing Loan Program will increase from 0.4% to 0.5%.
USDA loans where conditional commitment is issued by Rural Development (RD) on or before September 30, 2014 will not be affected by the annual fee change. If the conditional commitment is NOT issued by RD on or before September 30, 2014, such loans must be re-underwritten using an annual fee of 0.5% and the applications must be resubmitted in GUS.
Additionally, all new USDA loans submitted to Sun West on or after September 29, 2014 must be disclosed with the 0.5% annual fee. All existing USDA loans where conditional commitment is not issued by September 30, 2014 will be re-processed and re-disclosed by Sun West with 0.5 annual guaranty fee.
If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.
This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.