The week-old federal government shutdown is a disaster on many levels. For rural America, one major impact is in the area of housing.For the near future, low- and moderate-income homebuyers who have applied for mortgages guaranteed or made directly by the U.S. Department of Agriculture (USDA) Rural Housing Service are out of luck. So are very low-income homeowners seeking repair grants or loans.The financing these homebuyers need cannot close because no USDA rural housing staff are working at the local level. Banks make the guaranteed loans, which are like the mortgages insured by the Veterans Administration or the Federal Housing Administration. But USDA staff have to approve the guarantees and provide the necessary paperwork to the lender before the loan can be issued. With no staff, there can be no approvals.
Tag: United States Department of Agriculture
Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky
Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky.
via Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky.
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Changes for USDA rural development housing loans – kentucky rhs loan
Changes for USDA rural development housing loans – Kentucky rhs loan
Rural Development may continue to process applications on hand received prior to the time an area has been determined to be not “rural”. Complete Single Family Home Direct and Guaranteed loan applications submitted on or before Sept. 30, 2013, will not be subject to the new rural area designations, providing the application is complete. Applications received by close of business on Sept. 30, and processed on/after Oct. 1, will be subject to the newly designated rural areas if the application is incomplete.
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Kentucky First Time Home Buyer Grants and Loan Programs
Kentucky First Time Home Buyer Grants and Loan Programs.
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USDA Announces Commodity Credit Corporation Lending Rates for August 2013
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