topic Re: USDA direct loan funding FY 2013 in Mortgage Loans

USDA direct loan funding FY 2013

Kg1977 — Mon, 10 Sep 2012 01:30:43 GMT

Has anyone heard when funding will be available for 2013?

Re: USDA direct loan funding FY 2013

ChazBoomer — Mon, 10 Sep 2012 13:43:16 GMT

My understanding from reading a post on another forum is that it will take quite a while for funding to show up for FY 2013 if you don't already have a commitment in place. If you are already in the pipeline, you have priority over someone entering the pipeline now. The post I read seem pretty informed, and stated that if you are entering the pipeline now, funding will not likely be available until the end of the calendar year.

Re: USDA direct loan funding FY 2013

Kg1977 — Thu, 13 Sep 2012 07:38:57 GMT

I just started the process in August. My application is in the "underwritting" process. I was told by my LO that since its an election year, funding will be delayed. Very disappointing. But thank you for the info!

Re: USDA direct loan funding FY 2013

Maine2012 — Tue, 25 Sep 2012 14:16:42 GMT

I went under contract July 23 when "they had plenty of money". Closing was suppose to be September 7 but I am still waiting on funds. Senator Collins Office called RD for me and found out the funds will be released the third or fourth week of October. I have been waiting on funding since the end of August. Hoping the sellers will sign ONE MORE extension (fingers crossed).

Re: USDA direct loan funding FY 2013

Maine2012 — Wed, 26 Sep 2012 13:04:08 GMT

What I don't understand about this process is how other people have been able to keep sellers waiting while RD takes forever to fund loan. I am hoping by the grace of god these people will extend again bc they are already out of the house. Anyone else waiting to close?

Re: USDA direct loan funding FY 2013

blacky77 — Sat, 29 Sep 2012 15:25:49 GMT

Hi Maine2012,

We have been under contract since June 17, 2012, were supposed to close Aug. 24th but...also still waiting on funding :-( We have been fortunate so far with the sellers granting 2 extensions so far but who knows if they'll continue. When you spoke to the senator who found out about when funds will be available was he pretty sure about that date? Do you know what number you are in line nationally for funding? You can ask your field office to check on that for you. We are # 17 nationally. So close yet so far!!!! Edited

Re: USDA direct loan funding FY 2013

Kg1977 — Tue, 02 Oct 2012 04:36:43 GMT

I am in Ohio...still waiting on funding. My LO said that he thought funding won't be out til after November since its an election year but went ahead and sent me my certificate of eligabilty. I have already looked at a couple of houses but there isn't much to choose from in this small town. This process is so frustrating and being on a time crunch to find a house is completely stressing me out! I even considered just building a house but from what I heard, that is even more of a stressful process! I hope everyone is having better luck than I am :((

Re: USDA direct loan funding FY 2013

Maine2012 — Tue, 02 Oct 2012 15:14:09 GMT

Well I have been lucky enough that the sellers had already moved out and I am renting from them hopefully only until the first or second week of November until the loan closes. Who do I call to find out what number I am in line? The local and state office wouldn't tell me.

Re: USDA direct loan funding FY 2013

ruttster — Tue, 23 Oct 2012 00:20:40 GMT

It's been over 2 months since I applied and I haven't received anything in the mail yet. Did it take a while to get approved?

Re: USDA direct loan funding FY 2013

Nati — Tue, 23 Oct 2012 13:25:59 GMT

Just a FYI I went thru USDA when I purchased my home(in ohio) and at the time (June 7th 2012) they were on a 4-6 week turn around. which I actually didnt get finalized till August 7 so it turned into 8 weeks and I was told by a neighbor that theirs took from july till mid september. All i can say is I have my finger crossed for each of you and just be patient

Re: USDA direct loan funding FY 2013

ruttster — Tue, 23 Oct 2012 16:45:18 GMT

Thanks for your input Nati, Did you already seal your deal? How was the whole process?

Re: USDA direct loan funding FY 2013

Nati — Wed, 24 Oct 2012 16:16:42 GMT

Yes I wrapped up August 9th. The process was interesting to say the least. When you are going thru these gov programs they sure want to see everything and when they do you have to have a LOE for it lol. My process may have been a bit different due to me building new but I will say they dig deep.