On Dec. 5, an industry update from the national United States Department of Agriculture (USDA) Rural Development office announced an increase in the Upfront Guarantee Fee that will be charged on Refinance transactions using the Guaranteed Rural Housing program (which is also known as the Single Family Housing Guaranteed loan, Rural Development or Rural Housing) for all Kentucky Guaranteed Rural Housing Loans in Kentucky
The Upfront Guarantee Fee will increase from 1% to 1.5%, effective Dec. 7, 2011.
Rationale for the change
According to the industry update from the national USDA Rural Development office, the fee increase will generate more than $1.1 billion in refinance funds available to eligible homeowners. Interest rates for these loans continue to be low and the fee increase provides responsible homeowners with an opportunity to refinance their existing mortgage for lower monthly payments.
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