Direct form the National Office in Washington D.C. this is the announcement in the SFH Origination news.
Guaranteed Loan Funding Update: HELP WANTED!
24 BILLION DOLLARS ALLOCATED FOR GUARANTEED LOANS!
Okay let's do a little house keeping here. SFH is what it appears; single family housing and no USDA didn't allocate 24 Billion just for Charlotte County, but there are many many properties which are eligible in Charlotte County.
Now that's 24 Billion for the fiscal year which ends September 30, 2011 and 9.2 Billion has been already allocated to fund 70,759 loans nationally, so they have been busy, but
we need to do our part
What about Lee and Collier County you may ask?
Well no sooner than September of 2011, that's how they put it, "no sooner than." Yes it could be later. USDA is going to cut both Lee and Collier County off at the knees. What I mean by that is that there will be severe cuts to the eligible properties in both counties. Just recently the USDA announced that most of Lee County will be ineligible. So for borrowers in those counties
if you want/need the benefits of a Rural Housing loan, get to it, before the changes take place.
You may be wondering, what's so special about a USDA/Rural Housing Loan? Well let me tell you.
620 credit scores
no monthly mortgage insurance
no seller conribution limit towards closing costs
So, USDA is crying out to potential homeowners;
they've got the money
they want YOU to have it
so, if you're ready for homeownership it's time to answer the call because
USDA/Rural Housing needs your help!