USDA funds almost exhausted!
If you’re thinking about buying a home this year then there’s no time like the present! Interest rates are low. The fist time home buyer tax credit up to $8,000 is still available. USDA funding is almost gone!
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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USDA funds typically run short around October of each year but it looks like this year could be a first! USDA financing is so popular right now that it’s being used more than it has in recent years so the funding won’t last as long as expected. The government will give additional funds to keep this alive but as of right now no one knows exactly when the funds will be replenished. Check back from time to time and we’ll keep you posted on the status. As of right now, funds are available so take advantage of this great program if you can!