The United States Department of Agriculture – Rural Housing (“USDA”) allows for borrowers to finance the cost of repairs to improve an existing dwelling at the time of purchase.  The USDA Rehabilitation and Repair Loan allows borrowers to finance the cost of acquisition, the cost of repairs and the guarantee fee, if financed, in one fixed rate loan up to a maximum loan amount of the “as repaired” appraised value.  

As part of updates made to the Uniform Instruments, Fannie Mae announced on February 1, 2023, that the model form for the Virginia Deed of Trust (Form 3047) was revised to remove the consideration amount and property value information from the first paragraph of the form above the “Definitions” Section on page one.  The language was previously added to the updated 07/2021 version of the Virginia Deed of Trust.  Fannie Mae and Freddie Mac posted a statement that the language was

Updated to 2/2023 version. (Date of Release to Production:  03/09/23)

Removed period after "…interest rate discounts" to add fill data after it (see checkbox option under "How Your Interest Rate and Payments are Determined" on page 1). (Date of Release to Production: 03/09/23)

New USDA form. (Date of Release to Production: 03/09/23)

New USDA form. (Date of Release to Production: 03/09/23)

New USDA form. (Date of Release to Production: 03/09/23)

New USDA form. (Date of Release to Production: 03/09/23)

Added new paragraph on page 2 (above Lender name and signature). (Date of Release to Production: 03/02/23)

Added new paragraph on page 2 (above Lender name and signature). (Date of Release to Production: 03/02/23)