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USDA Rural Development funds for refi’s and pools is in!

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Today the USDA announced it regular allocation of funding had been credited is now available for use. These are the funds that can be used to guarantee refinance loans (you can only refinance a current Rural Development loan) and homes with pools.

Remember pools still require a special exception t be approved. If the appraised value of the home doesn't exceed the purchase price by the value given to the pool, your buyer would have to pay the difference. Talk to a knowledgeable RD lender for more details.

Also, if you are considering purchasing a home and using the RD program do know demand has skyrocketed. If funding is again exhausted later this year you may be forced by some lenders to wait until new funds are allocated. With the first time buyer's tax credit expiring after Nov. 30, 2009 that's a risk not worth taking!

Gerry Suarez, Jr.

Your FHA Loan Pro!

Posted by Gerry Suarez Jr- Your FHA Loan Pro! on 04/24/2009 06:37 PM

Comments (2)

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2 Comments on USDA Rural Development funds for refi’s and pools is in!

MAY

Hey Jerry! Our local rep told us here in the valley that yes there is a pool exception, but have fun trying to get it! I hope and suppose they are certainly more flexable in Florida since it seems just about evryone has one. Also seemed to indicate that running out of funding this year is relatively unlikely. Lots of money flyin around.

MAY

Hey back Scott,

You know I'm anything but a multi-state expert but I do believe the pool exception process is the same all over the country. The trick is that the home must appraise above the purchase price by no less than the value the appraiser derives for the pool. If that happens its pretty much a done deal here in FL, and the approval doesn't take long at all.

There is a lot of money backing these programs, but the numbers I'd seen regarding usage were extraordinary. I do feel confident that if we do start to run out, Emperor O will hook us up with more green.

Gerry Suarez, Jr.

Your FHA Loan Pro!

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