USDA released this update earlier today: Congress has been out on recess last week and this week. We need a new bill introduced to solve our funding shortfall. The most likely solution will be to increase the Guarantee Fee from 2% to 3.5% which will make the program actuarially sound (and therefore not require the allotment of any additional monies). Unfortunately, we're in a holding pattern until session resumes.
Regarding remaining funds - the program has approximately $2.5 billion in purchase funds available. The run rate is approximately $100 million per day. Therefore, current funding will last until the first or second week of May. Please remember funds are obligated after RD issues the conditional commitment. To determine if it is practical for a conditional commitment to be issued prior to the projected "fund exhaustion" date, I would suggest factoring in processing, UW, and RD turn times.
If anyone knows someone who is still looking for a $0 down option, have them call me right away!