Pass S.3266 & help 1st time homebuyers now!
Published June 19, 2010
There are thousands of home buyers on hold today while we wait for The US Senate to pass bill S-3266. They have been trying to use a mortgage program ideal for first time home buyers and the program has run out of funding. The biggest key with S3266 is that it fixes the problem of running out of funds so that the tax payers are not tapped in the future but also so that home buyers and sellers are not stopped before closing with everything on hold.
This bill restores funding for The USDA Rural Development Single Family Guarantee Program. This bill would not only restore the program but also make the program self-sufficient. In the past the person buying a home using this program would be required to pay a 2.0408% funding fee rolled into their mortgage. The actual cost of the program was closer to 3.5%. This caused The USDA to go back to congress every time funding ran out and ask to get more money from the tax payers. This bill would change the funding fee to 3.5% making the program self sufficient by having those who benefit from the mortgage program, pay the cost of the program. It just makes sense. Also, since the Guarantee Fee is rolled into the cost of the mortgage over its term it would only raise the monthly payments by a few dollars.
The US House of Representatives took up this bill and passed it in about 16 minutes. However, the bill has been in the US Senate since April 26th. By signing this petition you are asking our US Senators to move this bill out of committee and pass it. Thereby restoring the program, increasing the funding fee to make it self sufficient and freeing the qualified buyers of homes in our country using this program to complete their purchase!
This bill restores funding for The USDA Rural Development Single Family Guarantee Program. This bill would not only restore the program but also make the program self-sufficient. In the past the person buying a home using this program would be required to pay a 2.0408% funding fee rolled into their mortgage. The actual cost of the program was closer to 3.5%. This caused The USDA to go back to congress every time funding ran out and ask to get more money from the tax payers. This bill would change the funding fee to 3.5% making the program self sufficient by having those who benefit from the mortgage program, pay the cost of the program. It just makes sense. Also, since the Guarantee Fee is rolled into the cost of the mortgage over its term it would only raise the monthly payments by a few dollars.
The US House of Representatives took up this bill and passed it in about 16 minutes. However, the bill has been in the US Senate since April 26th. By signing this petition you are asking our US Senators to move this bill out of committee and pass it. Thereby restoring the program, increasing the funding fee to make it self sufficient and freeing the qualified buyers of homes in our country using this program to complete their purchase!
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