Category: Government Shutdown USDA Loans KY

Single Family USDA Rural Housing Direct Loan and Grant Programs In Kentucky 2019 Shutdown Government

Source: Single Family Housing Direct Loan and Grant Programs

 

February 1, 2019

Single Family Housing Direct Loan and Grant Programs

We now have an enacted Fiscal Year (FY) 2019 continuing resolution that provides short-term funding for the U.S. Department of Agriculture (USDA), Rural Development. As we begin an orderly start-up of our loan and grant activities for FY 2019, we thank you for your patience and support during the period in which our services were unavailable.

 

We are taking a proactive and customer-focused approach to prioritizing our activities so that we can resume normal operations as quickly as possible. As Rural Development stakeholders, we will be working closely with you to achieve this goal.

 

On behalf of the USDA Single Family Housing Direct Programs, we appreciate your continued support and patience.

 

1.  Certificates of Eligibility: USDA will issue a new Certificate of Eligibility (COE) to all

applicants under the Single Family Housing Direct Loan Program who had a valid COE

on December 21, 2018. This includes any COE that was under an allowable extension on

this date. The new certificates, which will be issued by the field staff as soon as possible,

will allow the applicants additional time to locate a home within their qualification

amount and submit the needed documentation to the agency now that normal operations

have been resumed.

 

2 . Self-Help Housing: USDA staff are currently working on a 2019 Funding Plan for the

Section 523 Self-Help Housing Program pending full year appropriations. Operating

grantees may continue to work with eligible applicants, process applications, and resume

construction activities delayed by the lapse in funding. Technical & Management

Assistance (T&MA) Contractors are authorized to resume services as well.

 

3.  Repair Loans and Grants: Repair loan and grant funds are available for processing,

approval, and closings. Applicants with immediate health and safety hazards such as

inoperable heating systems will receive priority.

 

 4.  New 502 Direct Loans: Based on appropriations received thus far in Fiscal Year 2019,

which are applicable through February 15, 2019, USDA has had severely restricted levels

of funding available for new 502 Direct loans. USDA does not anticipate being able to

obligate new 502 Direct loans until the next Fiscal Year 2019 appropriation bill is passed.

 

Thank you for your support of the USDA Single Family Housing Direct Loan and Grant Programs. We look forward to serving you and the needs of rural communities.

 

Roger Glendenning
Deputy Administrator
Single Family Housing

 

For Program Information

Single Family Housing Direct Loans

Single Family Housing Repair Loans and Grants

Mutual Self Help Housing Technical Assistance Grants

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Shutdown Stalling Rural Mortgages

Rural Housing Loans Affected By Government Shutdown in Kentucky

 

  • The USDA backs about 120,000 mortgages a year, or about 3.5 percent of purchase mortgage originations nationally.
  • Almost half of USDA mortgages were in southern states from 2012 to 2017.[1]

Borrowers who rely on mortgages from the U.S. Department of Agriculture (USDA) have been in a holding pattern that runs alongside the federal government shutdown. These loans from the USDA’s Farm Service Agency and the Rural Housing Service are made mostly in rural areas and often to low- and middle-income borrowers.

The USDA backs about 120,000 mortgages a year, or about 3.5 percent of all mortgage purchase originations,[2] according to data from the Home Mortgage Disclosure Act. The USDA offices that administer these loans have been closed since late December, rendering a major source of funding inaccessible.

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Federal USDA home loans on hold during government shutdown

https://www.nbc4i.com/news/local-news/federal-usda-home-loans-on-hold-during-government-shutdown/1692968028Other federal loan programs such as VA and FHA mortgage loans have been unaffected by the partial shutdown.

Source: Federal USDA home loans on hold during government shutdown

Government Shutdown Affects USDA Loans. Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?

SPRINGFIELD, Mo. With the government shutdown, people looking to buy houses may be affected by certain types of loans.

Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?

https://www.ozarksfirst.com/news/government-shutdown-affects-usda-loans/1689011086

Government Shutdown of USDA Loans in Kentucky for 2019
Government Shutdown Affects USDA Loans

 

Source: Government Shutdown Affects USDA Loans

 

https://www.nbc4i.com/news/local-news/federal-usda-home-loans-on-hold-during-government-shutdown/1692968028

 

Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?

 

 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

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. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. 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.

Can you get a USDA Rural Housing loan with the Government Shutdown in 2019?

Can you get a USDA Rural Housing loan with the Government Shutdown in 2019?

Government Shutdown of USDA Loans in Kentucky for 2019

USDA Rural Housing Loans in Kentucky Cannot Be Closed Currently!

The U.S. Department of Agriculture will not issue new Kentucky  USDA Direct Loans or Kentucky Guaranteed Loans 502. This is due to the ongoing shutdown by the Federal Government.

Kentucky FHA, VA, Fannie Mae, and KHC loans are being closed currently as of this writing.

Current Scheduled closings of  Kentucky Direct Rural Housing Loans are being canceled and unless your guarantee was previously issued for a Guaranteed Loan, those may or may not be closed, depending on the lender.

Check with your USDA lender immediately if you’re getting a USDA loan or had planned to use the program to buy a home; you might have to put off your purchase until the shutdown is resolved.

 

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

Joel Lobb
Mortgage L
oan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com