Financing in Mesa>Question Details

Jennifer C, Home Buyer in San Francisco, CA

What big banks are funding USDA rural loans right now?

Asked by Jennifer C, San Francisco, CA Sat May 29, 2010

I want to know what banks are currently accepting USDA loan applications? I spoke to someone at Wells Fargo and they said they most likely won't be because of instability of funds. But from what I understand they have been refunded for the rest of the year. I want to know what large banks.... Chase, Bank of America, etc will be funding USDA.

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The complete list of Banks and Mortgage Lenders that have been approved for underwriting, processing, funding and servicing of rural home loans can be accessed at http://usdalenders.org
1 vote Thank Flag Link Wed Jun 15, 2016
They do to a little longer than other loans. When we get the application signed is when we secure the funds from Chase Rural Housing. You must have a property and an accepted contract for the funds to be made available to you. it is imperative that your realtor stay on the asset manager and the listing agent to get this contract accepted. I was told that the USDA was funding $100 million a day when they ran out of money, if you do the math and they have $2.5 Billion that is 25 days of money that has been appropriated at this time. Let's get busy and get you your home.

Matt Puzz
Amerifirst Financial Inc.
602-410-9333
Web Reference: http://www.mattpuzz.com
1 vote Thank Flag Link Sat May 29, 2010
Single Family Housing Guaranteed Loan program or Section 502 loans are primarily used to help households purchase homes in rural areas. The Kentucky USDA loan allows for 100
% financing
0 votes Thank Flag Link Mon Jun 20, 2016
PrimeLending currently as of this post, offers USDA and USDA repair escrow loans.
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Thu Sep 19, 2013
Just an update. Chase no longer accepts USDA loans thru third party originators.

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
0 votes Thank Flag Link Thu Sep 19, 2013
Jeniffer C, I have sold many homes to buyers utilizing USDA financing. Your post came up as financing in Mesa, AZ. USDA financing is for rural areas only for example Pinal county. Mesa does not qualify for USDA financing. If you would like more information on USDA loans I would recommend speaking to Steve Ortiz at Academy Mortgage in Mesa, AZ. Steve can be reached at 480 332-0763. If you would like more information on properties in Pinal county, visit my web site or give me a call.
Web Reference: http://www.gergurroz.com
0 votes Thank Flag Link Sun Sep 12, 2010
AB, you really need to get an application in with someone fast. The loan process can take as much as 30 days, but funds can be reserved rather quickly with a complete loan package and property. Getting yourself pre-approved versus pre-qualified can also put you in a better position once the short sale is finalized and you have an accepted purchase contract.

Tony
0 votes Thank Flag Link Sat May 29, 2010
I have verbal but not written approval on a short sale. My concern with USDA is that I hear banks give pretty strict closing dates and I worry that the USDA loan would not close on time. How long do they typically take? And how do I reserve USDA funds?
0 votes Thank Flag Link Sat May 29, 2010
PRMI, Inc. is a banker and we work with Chase in funding our USDA loans. You might try giving them a call directly or I can help you. 602-684-0866
0 votes Thank Flag Link Sat May 29, 2010
I am funding the loans through my bank, the funds were just replenished on Wednesday afternoon of this week and only $2.5 Billion dollars. I recommend getting the funds assigned to you as quickly as possible, call me or go on my website and we can talk. I am a local mortgage banker and have 60 million to lend.

Matt Puzz
Amerifirst Financial Inc.
602-410-9333
Web Reference: http://www.mattpuzz.com
0 votes Thank Flag Link Sat May 29, 2010
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