photo courtesy of Francesco Marino at freedigitalphotos.net
Great News!!! The USDA program seems to be on the verge of securing new funding. Investors who purchase USDA loans are now beginning to issue guidance on how to handle the loans in the meantime. See below:
"Fiscal Year 2010 Appropriated Funds - Issuing Conditional Commitments once Appropriated Funds are Exhausted
The Single Family Housing Guaranteed Loan Program (SFHGLP) will issue Conditional Commitments once currently appropriated funds for Fiscal Year 2010 are exhausted. Conditional Commitments will be issued "subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans."
We still don't know exactly when the new funds will be approved, but from everything we are hearing and reading, it should be soon. Don't hesitate to contact us today if you would like more information.