funding Archives - Indiana USDA Mortgages

Did we mention? USDA IS BACK!

HR 4899 was passed today by the house in a version identical to the one passed in the Senate earlier this summer. The bill is now reconciled and will probably go to President Obama to sign into law sometime in the next two weeks . With that said, some lenders are taking applications and closing loans for USDA at this very moment. Many banks and mortgage companies are still waiting for the official USDA green light. There has been a lot of optimism about the bill eventually passing and including a method for USDA to continue funding for the remainder of the year. With that in mind, some investors are willing to hold those loans until this happens and seek funding at a later date. First Republic Mortgage is proud to offer USDA home loans right away! In...

House unanimously passes H.R. 5017 to save USDA financing!

PRESS RELEASE – Washington, DC – Today, the House Financial Services Committee unanimously passed H.R. 5017, the Rural Housing Preservation and Stabilization Act of 2010, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. This action clears the bill for consideration by the U.S. House of Representatives, which is expected to take up the bill as early as next week. The bill ensures the continued access of rural homebuyers to affordable mortgages through the U.S. Department of Agriculture’s (USDA) loan guarantee program. The financial crisis has spiked consumer interest in the program, tripling the number of loans annually made...

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...