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Fiscal Year 2011 Funding for the USDA Guaranteed Rural Housing Program

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Mortgage and Lending with HomeStar Financial Corporation

Fiscal Year 2011 Funding for the USDA Guaranteed Rural Housing Program

October 1st, 2010 marked the beginning of Fiscal Year 2011 for USDA Rural Development.  Traditionally, when a new fiscal year begins there is a brief delay in available funding.  Such is the case this year, as USDA Rural Development awaits confirmation of funding.  During this time, USDA will continue to accept and review new loan applications for purchase transactions and issue modified loan approvals referencing that the approval are "subject to the availability of congressionally appropriated funds". 

HomeStar Financial Corporation is the largest producer of USDA Guaranteed Rural Development loans in Georgia.  Just as in previous years, HomeStar Financial Corporation will continue closing USDA Guaranteed Rural Development loans with these modified loan approvals.  Therefore, by choosing to work with HomeStar Financial Corporation there will be no interruptions of service to any USDA Guaranteed Rural Housing applicants as we begin Fiscal Year 2011.

 

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Jeff Wilmoth | HomeStar Financial Corporation...Serving all of Georgia!

848 Jesse Jewell Parkway Gainesville, GA 30501

Direct 404.597.5662 | EFax 678.623.0444
jeff@jeffwilmoth.com | Apply online: www.JeffWilmoth.com

Mortgage Loan Originator NMLS ID: 206798; HomeStar Financial Corporation NMLS ID: 70864; Georgia Residential Mortgagee Licensee #17368; Nationally Approved USDA lender USDA GRH program; FHA Lender ID - 897400009;  VA - 64103600000

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Barb & Sal Dragotta
Macomb, MI
Macomb County Michigan

Jeff...this is great information for those who are or will be affected by new fiscal year.  Too often fiscal years are confused with actual years for many  folks.  Good to clear this up through your post.

Barb & Sal

Oct 05, 2010 09:19 AM
Jeff Wilmoth
HomeStar Financial Corporation - Newnan, GA

Thanks for the comment Barb & Sal! 

Oct 05, 2010 09:23 AM
Anonymous
kisha

How long does it usually take to get the conformation of available funds once the Fiscal year starts?

Oct 11, 2011 02:02 PM
#3
Jeff Wilmoth
HomeStar Financial Corporation - Newnan, GA

Kisha, the timeframes vary each year.  Currently we are closing USDA loans subject to “Congressional Authority”.  If you are buying a home in Georgia and your current lender is unable to close your loan, I encourage you to contact us directly.

Oct 12, 2011 01:50 AM
Anonymous
Valerie
Just to make sure i am understanding correctly, loans can be closed prior to USDA getting congressional authority? What happens if the funds are not released? This is what is holding up my loan.
Oct 12, 2011 05:46 AM
#5
Jeff Wilmoth
HomeStar Financial Corporation - Newnan, GA

Yes Valerie, loans can close prior to Congressional Authority.  In the unlikely event that Congressional Authority is not granted, then the lender assumes all risk.  Unfortunately your lender may have elected not to assume any risk until the funding issues are worked out.  This is not the case with Homestar Financial Corporation.  If you are buying a home in Georgia, please contact me directly.

Oct 12, 2011 07:42 AM
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