Posted on: 04th Jul, 2010 05:33 pm
:roll:
My husband and I were pre-approved also for a USDA loan and now that our closing date is 12 days away they are telling us that there is no money...just wondering if anybody has an update on the Congress passing the deposit of more funds or if we are just screwed? I can't find anything on any USDA websites.
My husband and I were pre-approved also for a USDA loan and now that our closing date is 12 days away they are telling us that there is no money...just wondering if anybody has an update on the Congress passing the deposit of more funds or if we are just screwed? I can't find anything on any USDA websites.
Washington has been very tight lipped about this. I've consulted with half a dozen USDA offices around the U.S. and none of them know exactly when congress will be approving HR 4899 (this is the bill that will re-appropriate more funds for the USDA program). There are however several lenders who are still funding USDA mortgages today with their own money, it just appears that the lender you went with isn't one of them. My advice is to either switch the loan program to FHA, or seek out a lender who is still funding USDA mortgages based on current conditions.
No need to wait or switch to another loan program just switch lenders. There are a few lenders using the conditional commitment issued by RD to close and fund USDA Loans right now. You'll probably end up with a better interest rate than what your current lender has offered you.
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