when will USDA release funds to start processing loans?

Asked by trewhitted14, 28405 Thu Oct 24, 2013

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5
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Fri Oct 25, 2013
They already have, just a little backed up. Give yourself twice as much time as you expect it to take and it should be okay, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:  http://jamessimms.com/
0 votes
Lourdes Best, , Wilmington, NC
Fri Oct 25, 2013
Hello Trewhitted14~
USDA is a great program! With the recent changes to the FHA program that has considerably higher mortgage insurance that must be maintained throughout the life of the loan, USDA has become the more favorable option. As mentioned below turn times with USDA are delayed at this time due to higher volume and then the shutdown.

Please take this into consideration with your agent when making an offer.

If I can help answer any other questions, it would be my pleasure.
0 votes
Jay Seville, Agent, Fairfax, VA
Thu Oct 24, 2013
Great answers everybody. Here are USDA real estate listings as well!
0 votes
You can just negotiate a closing date about 9-10 weeks out and you'll be fine. The contract gives you another 2 weeks to work with if the loan is late as well.
Flag Thu Oct 24, 2013
Adam Slack, Mortgage Broker Or Lender, Wilmington, NC
Thu Oct 24, 2013
Good afternoon! My Company Guaranteed Rate is one of the largest mortgage lenders in the United States. We are processing USDA loans as we speak. The Commitment from the Rural Development office is a little delayed with loans scheduled to close within the next 2 weeks but if you are looking to purchase now the delay of funds with USDA will not affect you.

Let me know if you would like to get a detailed quote on the lowest rates that we can offer for USDA or any of the other programs out there. You can also pull your free credit report on my secure website, the link is below.

http://www.gauranteedrate.com/adamslack

Adam Slack
Cell: 704-242-4108
Guaranteed Rate, Inc
0 votes
Lee Anne Rou…, Agent, Wilmington, NC
Thu Oct 24, 2013
Hey there!
They started doing funding again last week, but their approval process is still behind, you'll be looking at 50-60days for closing
Let me know if I can help!

Thanks!
Lee Anne Rouse
Cell: 910.540.0282
larouse@wilmingtonnchomes.com
0 votes
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