Rep for one of our banks came out and said that they have received notice from Rural Development that they still have around $3 billion left of their allocation and it appears that their volume did not meet their projections, so USDA Guaranteed Rural Development funds might even be available going into May.
On Wednesday a couple bills were introduced to help extend the USDA GRH program.
http://www.foxbusiness.com/story/markets/industries/finance/bills-introduced-extend-usda-zero-home-loans/
Show All Comments
Sort:
Hughes Appraisal Group Inc. HUD/FHA Approved) - Lehigh Acres, FL
LGBTQ PROUD !!!
That is great news. Here in SW Fla we do alot of USDA Loans. Florida would really take a shot if funding was not available. Thank You for the info
Apr 07, 2010 01:25 AM
Bank of England - Irvine, CA
Honest Mortgage Answers
Welcome. I believe a big reason that they aren't running out of funds as quickly as they thought is that shortly after their announcement in March a lot of lenders pulled the plug on their USDA programs (Wells Fargo for one), which would have used a lot of the remaining funds still in the coffer.
Apr 07, 2010 02:12 AM
Bank of England - Irvine, CA
Honest Mortgage Answers
No one can guarantee, but it sounds likely you'll be OK. 2 weeks for USDA to review seems pretty long, the offices I've contacted recently are still only at 72 hours (3 business days). The "Direct" offices of USDA do seem to take a little longer than the "Guaranteed" offices, so are you sure you are contacting the correct location?
Apr 13, 2010 06:12 AM
Bank of England - Irvine, CA
Honest Mortgage Answers
There isn't any official website to check funds available for the Guaranteed RD program, however lenders will periodically announce amounts. Last update was $2.21 billion available on 4/12. On average approximately $550 million is being committed each week, which leaves 3 to 4 weeks left of funds.
On Wednesday a couple bills were introduced for USDA, I'll try to edit the original blog to insert the link there.
Apr 17, 2010 01:44 PM
Bank of England - Irvine, CA
Honest Mortgage Answers
You are welcome.
As of 4/19/10 there was an estimated $1.735 billion remaining.
Apr 20, 2010 05:44 AM
Bank of England - Irvine, CA
Honest Mortgage Answers
Haven't updated this in a while, but as most have known USDA is issuing conditional commitments now, but it's subject to funding. Most lenders have stopped doing USDA altogether for that reason, however we still have lenders who are willing to fund USDA based on the "subject to funding" verbiage.
Jun 23, 2010 02:11 PM
Rainer
38,465
38,465
Shane Milne
Honest Mortgage Answers
Comments(6)