HomeBridge is advising brokers that USDA has announced an increase to the upfront guarantee fee on all USDA programs.
The upfront guarantee fee is increasing from 2.00% of the loan amount to 2.75% effective with Conditional Commitments issued on or after October 1, 2015. The annual fee remains unchanged at 0.50%.
Loans currently in the pipeline must have a Conditional Commitment issued prior to October 1, 2015 to avoid the increased upfront fee.
The USDA Purchase and Non-Streamlined, Streamlined Refinance and Pilot Refinance program matrices will be updated with this information and posted on the HomeBridge website at www.homebridgewholesale.com.
If you have any questions, please contact your Account Executive.