Pursuant to my sources at the USDA it will be taking about another two weeks for the funding allocated by the recent economic stimulus bill to trickle down to retail levels. For those who are seeking a Guaranteed Rural Development loan from a lender such as myself, this should not affect you since we are still funding loans in anticipation of the money we know is coming. If you are working with another lender who is not funding loans, it's probably worth it to wait with them as opposed to starting over with another lender. Do know, however, they have no reason to be holding back on funding your loan.

For those awaiting a Direct Rural Development loan it's a different story. Since you are working directly (hence the name) with the USDA with no lender involved, you will need to wait until they can actually write the check to close. Again that should be about two weeks from now, but you should be able to confirm that with your local USDA office.

For more local information please feel free to contact your local USDA offices. You can find them at this link.

Gerry Suarez, Jr.

Your FHA Loan Pro!