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USDA: Running Out Of Funds? UPDATE as of 06/01/10 - USDA NOW HAS FUNDS
USDA Running Out of Funds   As of 06/10/2010 - USDA now has funds available.  For more info go to : USDA Has Funds
It is well known that USDA is running out of money in May 2010.  However, one should consider the consequences to the depletion.  USDA has informed us that they are now leaning on $24 million dollars. When considering how much the program has gained in popularity, this amount will not go very far, if at all last until May. 
There is some cause for concern, however knowledge is king and it is not the problem rather the solution we must focus on. 
FHA is raising the Upfront Mortgage Insurance Premium from 1.75% to 2.25%.  Although this doesn't necessarily affect the qualifcation, it is indicative that the industry is gauging their previous losses with a magnifying glass.  On another change, FHA has announced that come early summer, the maximum seller contribution will become 3% compared to the current 6%. This means buyers will need to not only bring in their 3.5% required down payment but also another 1-3% depending on the loan amount and the hard costs associated with it.  This may very well lock out buyers who cannot come ... more

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