USDA Changes for Shasta Lake City

As of October 1st Shasta Lake City will no longer be USDA eligible and they are raising their Annual Mortgage insurance fee from .30% to .40%.
On a 100,000 purchase that means the annual fee (charged monthly) will go from $300 to $400 or $8.33 a month. Not a huge increase in fee’s but the loss of SLC as an acceptable area is huge.

In the past USDA changes hinge on the date you get “commitment for funds” from USDA. This happens after all conditions have been met and right before loan docs go out.

We have not seen an official bulletin regarding this change but we know that it is coming; so if you have someone looking in SLC you need to get them off the fence and into contract this month to make sure it closes by 9/28…just to be on the safe side.

I will send you more information when I have it.

Stewart Real Estate Company
#01914571
www.stewartrealestate.com
530-255-4133

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About kasey145

Redding California Real Estate Broker
This entry was posted in Real Estate and tagged , , , , , , , , , , . Bookmark the permalink.

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