Kentucky Rural Housing USDA Important Announcement
We have been advised by Kentucky Rural Housing USDA that they WILL ACCEPT NO LOAN APPLICATIONS FROM THE CLOSE OF BUSINESS ON NOVEMBER 21, 2014 THROUGH THE START OF BUSINESS DECEMBER 1 2014.
Many USDA offices currently have a significant backlog of cases to review and they will be unable to process applications under two regulations simultaneously. For these reasons the agency determined that this was the most appropriate way to address the upcoming changes and reduce the backlog.
Another recent announcement from USDA identified that they have seen a large increase in applications with missing information. This slows the file review process considerably. USDA has advised lenders that all incomplete files will be returned to the lender.