The USDA has proposed legislation to help address the country’s need for more affordable housing. This bill seeks to reform the government’s rural housing programs and cut red tape in order to tackle the pressing need for an increased supply of housing. The goal of the proposed bill is to help Americans access quality, affordable housing and provide support to rural communities.
The proposed legislation will make a range of changes to the rules governing the USDA’s rural housing loan programs. These include expanding eligibility requirements to make more people eligible for USDA mortgages, making more loan guarantees and underwriting process changes more accessible to borrowers, and increasing flexibility to make it easier for lenders to serve more borrowers. Additionally, the bill would expedite the mortgage origination process and remove some lending restrictions.
This proposed bill seeks to remove barriers that prevent Americans from accessing quality, affordable housing and will provide relief to rural communities across the United States.
Bullet Point Summary:
• USDA has proposed legislation to increase affordable housing
• Expanding eligibility for USDA mortgages, loan guarantees and underwriting processes
• Increasing flexibility for lenders to serve more borrowers
• Accelerating the mortgage origination process and lifting restrictions
• Helping Americans access quality and affordable housing and providing relief to rural communities
You can read this full article at: https://www.housingwire.com/articles/senators-introduce-bill-to-address-affordable-rural-housing-shortage/(subscription required)
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