Latest update on availability of funds for Rural Development loans

By
Mortgage and Lending with Mortgage Financial Group, Inc. 310298

USDA logo

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!

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Tom Burris 02/26/2009 10:30 AM
Topic:
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Location:
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Groups:
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All Things Florida
Mortgages
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USDA Rural Development Loan Group
Tags:
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rd loans
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Ambassador
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Gerry - Thanks for the update.  I will add a link to this post in one I'm coming out with shortly.

February 26, 2009 10:20 AM #1
Rainmaker
91,035
Gerry Suarez Jr.
Mortgage Financial Group, Inc. - Mount Dora, FL
Expert Home Loan Advisor

Glad to be of help Jason. I'll be looking for that post.

Gerry Suarez, Jr.

Your FHA Loan Pro!

February 26, 2009 12:45 PM #2
Rainer
17,372
Lynn Meldrum
Lynn Meldrum with Verico Canada First Mortgage - Calgary, AB

Just wondering how things are going in the US market with mortgages, do you guys have good B & C Lenders?

 

Lynn Meldrum

February 26, 2009 03:30 PM #3
Rainmaker
91,035
Gerry Suarez Jr.
Mortgage Financial Group, Inc. - Mount Dora, FL
Expert Home Loan Advisor

Lynn-Surely you jest!:-)

Seriously B/C is pretty much gone with the aversion investors have to US mortgages these days. There are still some limited doc programs but with credit score and down payment requirements, and interest rates that make them prohibitive.

February 26, 2009 05:16 PM #4
Anonymous
Anonymous
Anonymous

This is great information ~ thank you for sharing!  I would have never seen it if it wasn't for Sardi's post.  I have worked on Guaranteed and Direct loans, and have to say that I've found it much easier to work through a Guaranteed lender such as yourself. 

February 26, 2009 08:41 PM #5
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Gary....  good update, especially the part if you are working directly with the USDA themselves. People need to know and understand the difference.

jeff belonger

February 26, 2009 11:43 PM #6
Rainmaker
91,035
Gerry Suarez Jr.
Mortgage Financial Group, Inc. - Mount Dora, FL
Expert Home Loan Advisor

Jeannie- Thanks so much for the kind words. I'll gladly live in Sardi's shadow, he is a much better face man than I! Not to mention, writer, philosopher, etc!

Jeff- Gary? dude I love you but you need to stop the late night drinking and commenting.:-)

A lot of people still don't know about RD direct. I refer some that way but there is just not enough time to hold someones hand thru the process when you can't be compensated at all. It's a shame, but then there isn't a whole lot of funds available anyway.

Gerry Suarez, Jr.

Your FHA Loan Pro!

February 27, 2009 01:13 PM #7
Anonymous
Anonymous
Hailey

Thanks! I am waiting for a direct loan myself and have been waiting for months. You said it would take two weeks, is that because it takes that long for money to trickle down or to hit the bank?

December 27, 2010 08:20 PM #8
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Rainmaker
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Gerry Suarez Jr.

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