REMN Wholesale is advising brokers that USDA has announced an increase to the annual fee charged on all Purchase transactions, Non-streamlined and Streamlined program refinance transactions.
Annual Fee Increase
The annual fee is increasing from 0.40% to 0.50% effective with conditional commitments issued on or after October 1, 2014.
View the USDA News Release regarding the annual fee increase at USDA.Gov
USDA also announced that they have delayed the implementation of the new rural area maps that were scheduled to go into effect on October 1, 2014. A new implementation date was not provided.
The current rural area maps, located at USDA Eligibility, will remain effective until further information is provided by USDA.
USDA guidelines will be posted to www.REMNwholesale.com in the immediate future.
If you have any questions, please contact your Account Executive.