Those who know me know I don't usually repeat hearsay. I like to confirm things beyond a shadow of a doubt before writing about it but this is just too important not to share.

I heard from a reliable source today that because of some wording in the new funding allocation for USDA RD loans that they were no longer accepting pools under any circumstances. Those of us familiar with RD loans know there has always been an exception process to approving pools. It seems that may now be gone.

My trusted source in Florida is out until tomorrow so I will verify this and report back. Anyone considering an RD deal with a pool though is encouraged to call their local USDA office (the link to find them is in the RD Group description) and make sure you will not have a problem.

Gerry Suarez, Jr.

Your FHA Loan Pro!

UPDATE! I have been explained the pool waivers are continuing as before. The exception is that the funds to guarantee loans with pools will not be able to come from the Stimulus/Recovery Act funds because of the wording used to grant those funds. Funds to guarantee homes with pools will come from the USDA's regular allocation which I'm told will be received in a matter of days. The USDA is continuing to issue commitments, much like when we were waiting on funding earlier this year, for homes with pools. What this means in a worse case is that you may have to wait a little with some lenders before you can close if you are buying a home with a pool.

Hope this clears the waters some!