USDA Loan Update - Funding to be exhausted by May 7, two bills are in Congress to provide additional funding!

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Mortgage and Lending with Primary Residential Mortgage

The following is from an email from GA USDA:

"Funding

GA is on a 5 to 7 business day turn time for issuing Conditional Commitments. Files received after April 30th will run the risk of not receiving a Conditional Commitment with the 2% Guarantee Fee. Files that do not receive a Conditional Commitment before the funds are exhausted will have to be re-underwritten with the increased guarantee fee according to what is approved by congress once funds again become available. See the National Office response to funding below:

                                                                       

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 subject to congressionally appropriated funds."

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