Thursday, October 11, 2012

2013 USDA Rural Home Loan Funds Available


Just in from USDA Rural Development:

FY 2013 Funds Available! Funding for Rural Development’s Single Family Housing Guaranteed Loan program is now available for fiscal year (FY) 2013.  The funding received is based on a Continuing Appropriations Resolution 2013 (H.J. Res. 117). Loans that were issued Conditional Commitments “subject to” commitment authority will be obligated on the Agency’s Guaranteed Loan System (GLS). 

This is good news for this who had refinances or purchases on hold until this funding came through. Some lenders do have the capability to fund these with only the conditional commitments from USDA; it is very common to hear funds are exhausted so check to see if your mortgage lender will honor these. The funds for 2012 had not experienced nearly as long of a dry spell as years past due to recent increases to the guarantee and annual fees. We are good for hopefully another year!

To apply for this or any other loan program contact me today!