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The turn time in Maryland is about 3-4 weeks. I'm waiting on one submitted to agency on 4/20. The changes proposed by the bill will be expensive, but not as expensive as losing the program. I'm glad they dropped the annual fee, a larger upfront still keeps the payment more affordable.
The financial crisis ias not due to 100% loans in general, but many of the sub-prime loans were 100%, so the public perception is that the 100%'s were the problem. Another huge issue is all the op-tion ARMS that were done. The layering of risk, 100% LTV, low credit scores, no reserves, and rates & payments changing after 2 years, were a recipe for disaster. The RD program has only 1 of those risk factors, and at least 2 forms of underwriting on each loan.
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