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USDA Rural Development program receives new funding

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The USDA announced Friday that the funding allocated by the recent economic stimulus bill had been received. Many lenders continued to close and fund RD loans awaiting this allocation but others stopped closing them. With this notice look for many lenders to get back into the RD game. Indeed Suntrust just announced today that they are once again accepting RD loans.

On a separate note, we have been notified the anticipated income guideline changes will not become effective until late April or early May, and although there is no guarantee they will pass "the Agency is very optimistic the change will take place".

Gerry Suarez, Jr.

Your FHA Loan Pro!

Posted by Gerry Suarez Jr- Your FHA Loan Pro! on 03/23/2009 05:20 PM

Comments (4)

rd loans, usda, 100 financing, no down payment

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4 Comments on USDA Rural Development program receives new funding

MAR

Finally! This has been a long waiting game, as I have two deals waiting for RD funds to close. Glad to hear the good news!

MAR

Glad to be the bearer of good news! We still get to do that on the mortgage side every so often.:-)

Gerry Suarez, Jr.

Your FHA Loan Pro!

MAR

Gerry,

What is the best way for a borrower to learn about the income guidelines?

Ray Levy

Ray- The USDA website has all the information regarding income guidelines and property eligibility, and it can be accessed by anyone. The link is:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

If someone doesn't want to take the chance deciphering the data, they can always call their lender who shuld be able to help them.

You have it easy sir. I can get you anything you need!

Gerry Suarez, Jr.

Your FHA Loan Pro!

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