Comments on: Perpetual USDA Loan Funding PASSED!

By: pauldunn

pauldunn — Tue, 08 Jun 2010 15:20:50 +0000

Trisha – No, the USDA is not out to get you. Your loan manager is correct in that until the system is fixed to reflect the new guarantee fee, many lenders are not able to make USDA loans. If any aspect of the loan requires a waiver (credit, property, income, etc.) then a complete package must be sent to RD for review as opposed to the streamline package. Many lenders have not figured out how to correctly underwrite with the new guarantee, work with the waivers, and then submit a full package to RD.

By: Trisha

Trisha — Sun, 06 Jun 2010 20:24:36 +0000

I have been trying to get a USDA loan since April 2010, I have been working with a loan manager at IMC in Monroe N.C. But she tells me their is nothing she can do until the government makes a decision about reinstating the loan money. But what I think it is, is that they are out to get me.

By: pauldunn

pauldunn — Fri, 04 Jun 2010 14:12:42 +0000

Lisa - Call your lender to find out. Some USDA Lenders are back in the game. We are now funding USDA Loans.

By: Lisa B.

Lisa B. — Fri, 04 Jun 2010 06:28:29 +0000

We were in final stages of escrow when the fund ran out of money, do you think we will be seeing the funding reinstated before the June 30 th deadline for us to qualify for the $8000 tax credit?

By: pauldunn

pauldunn — Wed, 26 May 2010 13:31:16 +0000

They are discussing it again this morning and are expected to finalize it before the long Memorial Day weekend.

By: pauldunn

pauldunn — Wed, 26 May 2010 13:30:20 +0000

@ Kathy - See this USDA Loan update. It should be finalized before the long Memorial Day weekend.

By: Kathy P.

Kathy P. — Mon, 24 May 2010 00:44:57 +0000

Paul,
I heard rumor maybe October? Anyone out there doing USDA loans need to start calling now. I called Washington and they would not comment on a time frame. Most of us have buyers that can not come up with the funds for FHA.

By: pauldunn

pauldunn — Thu, 20 May 2010 15:09:11 +0000

@ Rod – No updates yet. A memo is expected anytime…

By: Rod Irish

Rod Irish — Thu, 06 May 2010 14:37:31 +0000

Any new updates on the House vote?

By: pauldunn

pauldunn — Fri, 23 Apr 2010 20:44:40 +0000

@ John – That will depend on your lender and how far into the process you are. I would bet that if the changes are made PRIOR to obtaining the RD Guarantee, then the changes would impact the loan. If the RD Guarantee has been obtained prior to the changes, you should be okay.