USDA Rural Loans Running out of Money

07/26/2016
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If you or someone you know is making use of USDA Rural loans, you’ll want to get your deals in and closed pretty quick.  Funding for the popular program runs out September 30th.  If you miss the mark it could cause significant delays in your closings.

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10 thoughts on “USDA Rural Loans Running out of Money”

  1. Melinda Hipp says:

    Uhhh, how are the robots going to be licensed ?

  2. Not all lenders stop funding when this (USDA funding empty tanky) comes around every year.

  3. Frank M says:

    What Chris said, this happens every fall…… My company (can’t speak for others) still funds RD loans even if funds run out, then we recoup once Congress replenishes the USDA. Nice scare tactic though.

  4. Love that home prices are up, yet appraisers have not gotten the news. Had an appraiser use comps from 9 to 11 months ago (yes, that was homes that sold late last summer/early fall) and justify it because "prices have not risen in the last year". What?

  5. REORealtor1 says:

    I can see the headlines now. ‘Robots Rigged to Steer Consumers Into Costly Products’. Yes, that’s who I want to trust, computers that never make mistakes. You mean the ones that don’t go down, put you in a phone loop you can’t get out of, have a Q&A that doesn’t come close to even finding an answer to your question and allow all your information to get hacked. Those computers?

  6. It was originally told to us that the up front and monthly were to have this "self fund" in the future. I guess just another way that politiicians can steal money for their own purposes.

  7. *The USDA DIRECT mortgage is not brokered or offered through retail. Those borrowers go directly to a local USDA office. With current, low USDA Guarantee program rates, I don't know many borrowers that even used the Direct loan. There are some advantages but also trade-offs, so many don't use it at all. And I thought the Guaranteed program is now budgeted in such a way that they don't have that gap we used to have each fall. **And apparently that Guaranteed program is doing well enough that they are dramatically cutting the up front fee to 1%, and slightly reducing monthly to .4%. **THe real issue for most borrowers/buyers is that many will want to wait for that reduced fee option when it kicks in, while trying to balance finding a home they like and with a rate as low as they are currently.

  8. Mark Bryan says:

    It says refinances were 64% of the total applications….not up 64%…….

  9. Silas Henry says:

    Its a very informational article, thanks we liked it.

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