100% Rural home loans

[ldohve]

Hi:

Can anybody tell me if there is still money available in the 100% rural home loan program? I have tried to find it online, but had no luck. Also, is the credit score needed for that type of loan still 620?

Thanks in advance!

ldohve

[ShanetheMortgageMan]

There is still funding for the Guaranteed version of USDA Rural Development, that is where you apply through a lender that offers USDA, rather than directly with the USDA themselves.  It also appears the Direct version of the program is continuing under a continued resolution that is in place until March.  Generally most lenders are looking for a 640 middle score.

[Anonymous]

Shane, under the continuing resolution does USDA still disburse funds for direct loans or will all loans currently approved be on hold until then?  Sorry for jumping in here, but thats where I am in the process.  Thanks.

[ShanetheMortgageMan]

I'd think they'd continue to fund loan, but not 100% certain as us mortgage professionals don't get updates about the Direct program like we do on the Guaranteed program.

[Anonymous]

Hi

I am waiting for funding directly from the USDA. So does this mean that there is still funding available? My loan is all set to go. They "ordered" the money about 10 days ago. I am waiting, wondering if its a funding issue or that congress hasn't started their new session. Any info anyone has would be greatly appreciated!!