USDA Loans in Jeopardy!
USDA loans are used to help low to moderate income families buy homes in rural areas. Most of the communities right outside of Charlotte are eligible and USDA has quickly become one of the hottest programs today primarily due to its zero down payment and no PMI. USDA is funded each year through Congress, and like most years they are running behind on getting the appropriate funding passed. Most years it really isn’t a problem and lenders keep on lending because USDA shifts some money around to cover the shortfall but this year might be different. Below is an alert directly from USDA…
This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.
Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available.
Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.
We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452.
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Please call your congressmen and ask them to RUSH this funding through. Many people don’t know a lot about USDA mortgages but they are VERY common in NC and SC! Thousands of families may be affected by this if people don’t join together and make some noise in Washington. USDA Rural Housing is ran very efficiently and has lower default rates than FHA or other similar programs.
Please take action today.
Olan Carder
American Security Mortgage
Mobile: 980-721-7478
www.charlottemortgageonline.com
ocarder@1asmc.com
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March 14th, 2010 at 7:36 pm
Hopefully it all works out. I dont do many USDA loans but the ones I do do, are very good loans. Maybe they will find more money like the do every other year and it will be good news!
March 23rd, 2010 at 5:32 pm
The income requirements for USDA loans differ from state to state, so be sure to check the requirements before you proceed.
March 24th, 2010 at 10:22 am
USDA loans is a great way to facilitate the people of country.
April 8th, 2010 at 5:01 am
Thanks for this great post. Informative! Keep it up!
April 13th, 2010 at 10:24 am
This Really bad news for middle class families is the US, i hope this problem can be solve in a very fast way.
April 18th, 2010 at 10:01 am
USDA loans are not the same in all of the states, try looking for the right loans that will suit you, your realtor will do the rest
April 24th, 2010 at 10:38 am
Wanting A USDA Loan? Better Hurry. Maybe. ShareOther Mortgage CommentaryNationwide Mortgage Licensing System Consumer Access LaunchedFHA .
June 23rd, 2010 at 6:37 am
Unfortunately I was refused to get a USDA loan, due to the fact that I have a bad credit history, so is there another way of taking a loan?
June 29th, 2010 at 6:25 am
Well according to US officials nothing will happen to USDA loans so do not worry anymore about them, everything is going to be fine.
July 2nd, 2010 at 2:45 am
I am so happy that in February I managed to get an USDA loan to buy me a new home in Ohio.
July 6th, 2010 at 3:25 am
Thank Goodness everything is back to normal now so we won’t have to worry anymore about USDA loans.
July 8th, 2010 at 1:50 am
I am very glad to tell you that this situation has finally been solved and a few days ago I took a USDA loan.
July 12th, 2010 at 2:26 am
According to government officials the amount of money allowed to take with USDA loans will be increased in the next month.
July 15th, 2010 at 5:28 am
This has been very helpful, there are just terms that I don’t understand. Oh well I just need a new house, been thinking about living in Utah, I checked this Utah Homes out and seen some nice places. =) what do you guys think?
July 16th, 2010 at 2:43 am
Yesterday I got great news, I was eligible to receive a USDA rural housing loan, so in a month I’ll be able to by my dream home.
July 21st, 2010 at 10:28 am
I like that you’ve touched on this subject, it’s somewhat of a rariety.
July 23rd, 2010 at 7:16 am
According to latest news the US congress is planing to cut the funding of USDA loans, for 2 years due to the crisis, so I guess it will be hard from now on.