USDA rural housing is on hold

By
Mortgage and Lending with Cherry Creek Mortgage

On May 12, 2010 USDA Rural Development issued an announcement with the purpose

of recalling and voiding this earlier guidance that was released on May 11, 2010.

This second announcement dated May 12th also stated that additional guidance would be released

by USDA Rural Development within the next 24 to 48 hours.

As of today, no such guidance or revision has been issued by USDA Rural Development.

At this time, we are only able to confirm that all general funds have been exhausted in the

USDA Section 502 Guaranteed Rural Housing Program. However, funds designated for 2005

hurricane impacted counties and parishes, and some 2008 disaster-declared counties, are still

available.

There has been no direction given by USDA Rural Development regarding loans in process

that were not obligated by USDA Rural Development prior to the exhaustion of funding, or

USDA Rural Development's ability to accept new files.

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