USDA Funding Delay

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

USDA just announced their commitment authority will be temporarily unavailable for approximately two weeks at the beginning of their fiscal year October 1st.  During this time frame, USDA will only issue conditional commitments “subject to the availability of commitment authority”.

This means USDA loans scheduled to close during this two week time period will most likely not close on time, because most Lenders will not close USDA loans until USDA funding is once again restored.  Buyers who are purchasing a property with USDA financing should be notified of this USDA Funding Delay as soon as possible so they do not experience a last minute surprise.

 

 

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam,# Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & a #FL Licensed Lender who can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

Comments (16)

Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi George - Thanks for the heads up on this. We're not doing any USDA deals currently but have several areas that are covered by the program.

Oct 03, 2017 01:03 PM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Good to know. A heads-up to manage expectations is always of great help. D 

Oct 03, 2017 01:29 PM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

REgulations are killing the buyers and sellers as it incurres much more in costs.

Oct 03, 2017 04:37 PM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Great "heads-up" for anyone currently working with a USDA loan George Souto 

Oct 03, 2017 07:03 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

George did they give a reason why? That is just amazing, good thing you are on top of this, many people would be blaming you for the delays...Endre

Oct 03, 2017 11:02 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi George, I know this happens from time to time with the USDA. Fortunately, right now I don't have a USDA buyer and increasingly in my market areas qualifying for USDA financing are disappearing rapidly.

Oct 04, 2017 01:18 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

We have areas here and there that qualify for USDA funding and no buyers using the program at the moment...hoping the "catch up" is a quick fix...uh oh did I say government and quick in the same sentence ? 

Oct 04, 2017 03:19 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for the warning, George.  This will be a difficult time for those who are going with USDA loans.

Oct 04, 2017 04:52 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Thanks for the heads up! I appreciate you always bringing us timely advice. You're the best!!!

Oct 06, 2017 07:46 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

George Souto is it not amazing that the consumer is not considered as important here!

Oct 12, 2017 05:43 AM
leminhtan leminhtan
Iclick - Airport, OH

Xét về mặt khoa học ban nấm linh chi thuộc họ nấm lim, được xếp vào mục đầu của các vị thuốc quý như nhan sam han quoc, yến sào, nhung hưu, linh chi, đông trùng thảo,…Ngày nay khoa học cũng đã chứng minh bán nấm linh chi đỏ là loại thuốc hiếm có nhiều tác dụng có ích đang được nghiên cứu kỹ lưỡng hơn.

Apr 21, 2018 12:05 AM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Thanks for the heads up ... always great information to know when working with buyers.

Jul 16, 2018 04:56 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

This is good information to share - fortunately I don't do any of these USDA loans since Bethesda and DC are not areas that qualify - but further out the USDA loan is VERY popular! 

Sep 08, 2018 02:16 PM