The US Department of Agriculture has plenty of funds left for Fiscal Year 2011. The below announcement was released last week by the department.
August 4, 2011
GUARANTEED LOAN FUNDING UPDATE:
OVER $11.2 BILLION DOLLARS AVAILABLE FOR GUARANTEED LOANS!
The Single Family Housing Guaranteed Loan Program (SFHGLP) was allocated $24 billion dollars for Fiscal Year 2011 (through September 30, 2011). Due to tremendous support from our lending and real estate professional partners over $12 billion has been obligated nationwide.
SERVE RURAL HOMEBUYERS! While program demand and volume have heated up with the summer temperatures, ample funding remains available! Homebuyers have no obstacles to funding for fiscal year 2011!
LEND WITH CONFIDENCE! Future Guaranteed Loan Funding Updates will continue to be released in order to keep our lending partners informed of available funding levels. Rural Development may obligate fiscal year 2011 funds until the close of business September 30, 2011!
As of August 3, 2011:
TOTAL $ OBLIGATED: $12.8 BILLION
TOTAL # LOANS: 100,075
OVER $11.2 BILLION REMAINS TO SERVE RURAL HOMEBUYERS!
With plenty of USDA funding available for this year, home buyers need to take advantage of the historically low interest rates we are currently experiencing. USDA is one of the last remaining 100% financing mortgage option still available.