The USDA Home Loan Shuffle - Are they running out of Money???

By
Mortgage and Lending with Equity Resources NMLS 67179 Licensed in NC

They aren't out of $ yet!A little birdie told us last month that USDA Rural Economic was going to run out of money... and Wells Fargo, and probably some other banks too, stopped taking any USDA Home Loan Applications. (click here for more details)

At the time... we were using about 100 million dollars in USDA Home Loans a Day from the line, and at that rate, it looked like we would run out by April 17th, 2010.

Once they ran out, we were told... the program might change, or maybe there would be a next Tax Credit Extension... or maybe Congress would just give them more money - "Who Knew?"

We continue taking USDA Home Loan Applications - because the current numbers look like this:

April 6, 2010 USDA Guaranteed Rural Housing Funds Utilization Data

Total FY10 Allocation  $13,533,663,697

YTD FY10 Obligations  $10,888,061,403

* $2,645,602,294

Total Available Funds $2,548,636,600

That's right - there's still at least $2.5 BILLION available for funding.

If you have questions about getting a USDA Home Loan - call us!  Steve and Eleanor Thorne 919-649-5058

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Chris Alston
Chris Alston (Keller Williams Realty, Silicon Valley, California) - Campbell, CA
Silicon Valley, California

Great info.  I was a little concerned there for a second!  We do not have many areas in the USDA mapping areas, but I want to keep the product.  :)

Apr 06, 2010 09:12 AM #1
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

WOW!!  You are very fortunate to have that little birdie!

Thanks for the email today, I hope I didn't sound rude.  I have been rush rush rush all day and I think your guess is the closest so far ;)

Apr 06, 2010 10:38 AM #2
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Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

We are hoping that the money holds out until the end of April (and beyond) so that people with April Tax Credit contracts can still take advantage of it.  We have tons of areas here in the Triangle that fall within the footprint!  8o))

Apr 07, 2010 03:14 AM #3
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Esko Kiuru
Bethesda, MD

Eleanor,

This USDA funding was in jeopardy last fall as well, if I recall correctly, and then it was rescued. The Vegas odds are they'll find some more cash under a mattress some place and keep it going.

Apr 08, 2010 04:34 AM #4
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Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

Esko - the difference in last Fall and this Spring is stunning... 

Last Fall, we knew that they would get more funds, and we could continue funding - even though they didn't have money...  This Spring, the wording is COMPLETELY different - and we are not allowed to continue closings until the money is replenished... which is why the speculation is that there are going to be "rule" changes.

Hope Vegas odds are on spot!

Apr 08, 2010 09:23 AM #5
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Eleanor Thorne

Equity Resources 919-649-5058
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