Showing 1 ideas for tag "502"

Department of Agriculture

Charge a funding fee for 502 Direct loans

Community Member kudos icon + Community member
I would like to suggest charging a funding fee to help offset the cost or even make the program self sufficient. The argument against this is that this is for very low and low income, but if the fee is financed in above the LTV like with VA, FHA, and Guranteed RH loans, it would not affect the borrower's payment by much…it would raise their payments less than $10 if it was a 1-2% fee for most loans. There is talk of defunding... more »