I just received an email from the USDA regarding the status of Funding. Based on available, unobligated funds, they are looking at Funds exhausting around 5/7/2010. HOWEVER, since there are 2 Bills before Congress, and Congress is very aware of the situation, there is a chance that the USDA will once again issue Conditional Commitments.
April 27, 2010
Notice of Funding
This message is to notify you of the unobligated balances of fiscal year 2010 program funding for the Single Family Housing Guaranteed Loan Program.
As of April 27, 2010:
Purchase: $1,046,482,690.77
Refinance: $84,377,998.61
Total: $1,130,860,689.38
We anticipate funding will likely be exhausted by May 7, 2010. The Administration is aware of our funding shortfall. Currently two Bills have been introduced in an effort to secure additional funding, H.R. 5003 and H.R. 5017. The status of this proposed legislation is available to the public online at: http://thomas.loc.gov/home/bills_res.html.
Depending upon Congressional activity with the proposed legislation it is possible that the Agency may consider issuing Conditional Commitments.
This is good news. It looks like we will see this resolved soon. Now the question is will there be major or minor changes to this program? Will they affect existing loans with GUS Approvals but no commitment letter?
Only time will tell.
Comments(1)