Add your thoughts here… (oUSDA Loans
The USDA has a long history of running out of money by the end of their fiscal year which is September 30 and this year is no exception. In years past, lenders would continue to underwrite and approve and fund these loans with the promise (loan approval) from the USDA that upon congressional replenishment if their funds, they would issue the guarantee.
USDA files can continue to be processed, underwritten and shipped to USDA; however no Conditional Commitments will be issued until the shutdown is over.
Reminder that the October 1st change to eligible locations has also been put on hold for the moment but it is unknown if the change to the new list will be backdated to 10/1/13.
Originators may continue to accept and process loans that would be eligible under an old area but not under the new designated areas; however recommend making clients aware that loan may need to be switched to FHA program if property is deemed no longer eligible.
However, because this year it is expected that many of the USDA eligible maps will be re-drawn, this could impact buyers who otherwise may have been shopping in an area that was slated to be no longer eligible for USDA housing. Lenders who in the past may have accepted the approval and promise to issue the guarantee, my not be so eager to fund those loans until congress fully funds the USDA Rural Housing Development program.ptional)
Author: Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans
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Joel Lobb Senior Loan Officer American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 firstname.lastname@example.org http://www.mylouisvillekentuckymortgage.com/ Company ID #1364 | MB73346E This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. http://www.nmlsconsumeraccess.org/ Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. NMLS#57916 http://www.nmlsconsumeraccess.org/ . The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. View all posts by Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans
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