Mortgage Grapevine

I'm hearing rumblings that RD is out of funds for the year already. Anybody got...

the facts? Will we be able to continue funding RD loans?

I know the Guaranteed program is different from the Direct Program but with the budget crunch and all what might happen?


by TennesseeTuxedo January 7, 2009 12:00 AM

I received an announcement from Taylor Bean stating that even if they run out, they will still fund the loans with their money? Maybe that helps you some!
by amyb January 7, 2009 12:00 AM

out of funds in 7 days?


by rspringer January 7, 2009 12:00 AM

Tennessee,

USDA Rural Development will continue to accept and process applications and issue Conditional Commitments “subject to receipt of Congressionally appropriated funds.” We and other lenders will continue funding loans and it will be business as usual. There will be no interruption of service by USDA Rural Development during any period in which funding is not available.

davidmarsh@USDAlenders.com http://www.buywithUSDAloans.com
888.851.1380

by USDA Loans January 7, 2009 12:00 AM

That should only be a problem for clients utilizing the Direct program and not the Guaranteed program.
by BigHappy January 7, 2009 12:00 AM

The governmental fiscal year begins in September rspringer.

Thanks for the info David.


by TennesseeTuxedo January 7, 2009 12:00 AM

Reply