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USDA Home Loans -- Getting Bogged Down in the Senate!

By James Wirth

Services for Real Estate Pros

May 06, 2010 07:27 AM

USDA Home Loans -- it's getting closer but we can all pitch in!

It seems that additional funding for USDA has passed the House and is now in the Senate's hands, and from what I have heard, it's been referred to committee. Typically that's NOT a good thing in a case like this...

Please reach out to your local Senators and let them know how important USDA funding is to your community.

Here is a link to the Senate bill: http://www.scribd.com/doc/30885554/U-S-Senate-S-3266-via-MyGov365-com

If you want to see this passed with or without changes, here is a link that will help you determine who your senators are for your particular state: ttp://www.senate.gov/general/contact_information/senators_cfm.cfm

Thanks for reading! -- James Wirth

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Charlie Ragonesi

AllMountainRealty.com - Big Canoe, GA

Homes - Big Canoe, Jasper, North Georgia Pros

We have gone out to our senators here and hope everyone will these are good loans which seem to be performinga s well as the rest

May 06, 2010 07:28 AM

Julia Odom

Select Realty Professionals - Chattanooga, TN

Chattanooga Homes for Sale

I thought every bill went to committee before being brought to a floor vote. Am I wrong about that?

May 06, 2010 07:34 AM

Melissa Anderson

Be My Neighbor Mortgage - San Antonio, TX

Your Texas Lender

WE need USDA loans here in South Texas. It is a great program.

May 06, 2010 10:07 AM

James Wirth

Everett, WA

Hi Julia, my understanding of this bill's journey is that it was originally submitted before the House by the Financial Services Committee, passed the House vote, was reviewed in Senate committee and then read on the floor of the senate. After being read twice on the floor of the Senate there was not the required nomination (I'm not an expert on Roberts Rules by ANY stretch) to be put before the body for the vote, so it was then kicked back to the committee to re-work or, 'die' I believe they say. But that's my guess of the process, there really hasn't been as much coverage as I had hoped.

Charlie and Melissa, thanks for weighing in! Hopefully our Senators will get enough phone calls to revive this bill if it is indeed fizzling.

Thanks all for your comments!

May 06, 2010 01:56 PM

Ahhh, so it went through committee but then was referred back after being brought to the floor. That makes more sense (and is worrying!). Guess I'll have to get on the horn with my senators. I stopped being concerned after it passed the House.

May 07, 2010 02:37 AM

Paul McFadden

Responsive Pest Control - Seattle, WA

Pest Control, Seattle, WA.

James: I think part of it is that there is still money left to fund loans. Originally this was supposed to run out by April 30. I believe the bill will pass. Last year The Legacy Group did 6% USDA loans. This translates into $60 million. Imagine how much was done nationwide. The other heartening thing I see is the bill was proposed by a Republican senator. Usually it seems the Republicans have been in opposition these days. I expect the bill to pass and told that to an AP reporter yesterday. The bill will pass just when they officially run out of money! Thanks for the update.

May 07, 2010 03:21 AM

Julia, glad you're taking up the charge again. So far it's been pretty quiet so anything we can do to stir up the hornet's nest. Thanks for getting back in there!

Paul, you're right. We're talking about, well, lots and lots of loans ;) Hopefully now that they'r eeking out the last few bucks in their coffers, you're right and this legislation will heat back up. And I still owe you coffee and congrats on hitting 100K points! I still remember seeing you hit 90K. Seems just like yesterday *sniff*

Lisa, I'm really sorry you're caught in the middle. Some Loan Officers are diverting borrowers to other programs if they're available, such as a state bond down payment assistance program if one is available in your State. Hopefully you can find temporary housing quickly. I highly recommend making sure everything else is ready to go with the loan as soon as funding is back -- pushing the closing date three times leads me to wonder if there are other issues affecting this as well...?

May 20, 2010 05:42 AM

Mary Hillerman

Crye-Leike Realtors® - Bentonville, AR

Good Morning James, I hope things are going well for you in Mill Creek! Have a great fall season.

Oct 11, 2011 02:03 AM

USDA Home Loans -- Getting Bogged Down in the Senate!

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