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
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.
July 29th, 2010 at 7:49 am
Yes I also heard rumors that the government is planning to close this program so I guess we should take a loan while we can.
July 30th, 2010 at 7:34 am
To be frank I don’t know where from did you hear all those rumors, a few days ago my husband and I obtained a USDA loan without any problems.
August 5th, 2010 at 5:15 am
I agree with Mary that there are only rumors, but what will happen in reality nobody can tell even guys from Congress.
October 13th, 2010 at 6:19 pm
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October 20th, 2010 at 1:48 am
I think the key is that the USDA program has lower default rates than regular FHA loans. If people purchase through the program and are not as likely to default, the program should definitely continue.
October 21st, 2010 at 11:08 am
I really think that this program should be a little bit upgraded. It is indeed a really big help for people with smaller incomes, but after this economic crisis, if one family has bad credit ( e.g.: lost house cos of a unpaid mortgage) they should be allowed to apply for USDA. At least that’s my wish.
October 21st, 2010 at 1:47 pm
The USDA loan program is a wonderful program for Rural America. The program is ran very efficiently and the default rate on USDA loans are much lower than FHA or other financing programs.
November 1st, 2010 at 8:21 am
Under the terms of the program, an individual or family may borrow up to 100% of the appraised value of the home, which eliminates the need for a down payment and it’s a great thing.
November 2nd, 2010 at 10:39 am
I wonder where I can find necessary information to obtain a USDA loan without appealing to all those expensive lawyers.
November 7th, 2010 at 12:31 pm
The USDA Single Family Housing Guaranteed Loan Program is a good program for rural areas. Has anyone heard any status on the program. I’ve heard it may close down or be revised?
November 8th, 2010 at 10:46 am
These loans seem like such a great way to help people out. I’m all for them, for as long as people are aware of the responsibilities and discipline that come along with acquiring loans.
November 10th, 2010 at 7:04 pm
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November 16th, 2010 at 7:16 am
I’m glad that the situation clarified cause it is impossible that the USDA housing loans could run out of funds.
November 22nd, 2010 at 8:12 am
Hello, Nice to meet you.
November 23rd, 2010 at 2:17 am
We have an income property (rental units) listed for sale. Whenever it sells, we’ve planned on doing a 1031 exchange to purchase a different income/investment property.Can we still get a low-doc or stated income loan.
December 7th, 2010 at 6:03 am
USDA loan financing program is a great help to homeowners who may be eligible for USDA loan financing and want to work with a lender who will accept to sell its property via USDA.
December 9th, 2010 at 6:04 am
USDA is a great financing option offered by US government with it we could buy the house of our dreams in Louisiana.
December 16th, 2010 at 7:53 am
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December 24th, 2010 at 8:47 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.
December 24th, 2010 at 11:34 pm
I want to buy a house, but my credit score is poor, my husband’s is only 580, but my mon told me that my little sister and her husband just got a USDA loan with no money down and their scores are not good either. Is this an option for me or what should I do?
December 30th, 2010 at 6:05 am
These loans seem like such a great way to help people out. I’m all for them, for as long as people are aware of the responsibilities and discipline that come along with acquiring loans.
January 11th, 2011 at 8:57 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.
February 8th, 2011 at 6:11 pm
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March 5th, 2011 at 10:40 pm
The USDA home loan is a loan guaranteed by the federal government. These loans are designed for people with modest yet stable income. A history of paying debts in a timely manner is also a strong asset for the borrower. The income levels are calculated based on rules set forth by the USDA.
March 14th, 2011 at 6:23 pm
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March 14th, 2011 at 6:24 pm
I love very much usda and would hate if it will dissapear
March 14th, 2011 at 6:24 pm
I love very much usda and would hate if it will dissapear. Good post!
May 9th, 2011 at 6:28 am
I’m all for any program that can help in providing a home for every family. Each and every child deserves to grow up secure in the fact that he/she has “roots” to which he/she can always come home to.
June 3rd, 2011 at 1:26 am
USDA loans are great for rural properties, it would be a shame if they went away, and would certainly affect the housing market adversely.
June 16th, 2011 at 5:09 pm
Great article with plenty of great information. Thanks for sharing with us!
July 1st, 2011 at 11:10 pm
We’ve planned on doing a 1031 exchange to purchase a different income/investment property.Can we still get a low-doc or stated income loan.
September 8th, 2011 at 5:29 am
Some Lenders have already stopped accepting applications for these loans however other Lenders are continuing to process them. You will need to check carefully with your Lender to be sure that this type of loan is available for you.