Any Update on USDA Funds/Timing

[Anonymous]

Has anyone recently (within the past two weeks) closed or received their clear to close on a USDA loan?  Has anyone heard any updates about the new fiscal year or available funds?

My mortgage broker royally screwed up our loan application and documents, and now our lender is delayed in getting everything sent to USDA for final approval.  I am just wondering if we'll be able to come in under the Nov. 30 wire.

Thanks!

[Anonymous]

Hi,

I was using USDA Direct and received a call from my loan officer at the end of last month (I think it was the last tuesday of the month) asking it I was ready to request my money as they were getting ready to send leftovers back and wait for the next years budget.  Last I heard they either have their money or are almost there.  I closed on the 9th.

Hope this helps and good luck!

Jordjon

[Anonymous]

Thanks for the information.  My concern is that it is mid-October, and because of the things that my broker screwed up, our loan hasn't gone to USDA for final approval yet.  We are not using the USDA Direct program, however, we're using the USDA Guaranteed program, so our loan isn't exactly funded by the government (as I understand it).  That may speed up the process, considering the fiscal year ended and all of that.  I just want to find out if things are "up and running" again with USDA in regards to approvals, and how long they are taking currently.

[Anonymous]

I am going usda direct also.  Im also waiting for funding.  supposably the only thing keeping me from the closing table is getting the title search back and the funding and the lady at usda contacting the closing attorney.  If anyone gets any new info on this, I would GREATLY appreciate it!!  This has been so stressful.

[Anonymous]

I was approved on Oct. 1st for USDA Guaranteed.  Lender funded with no hesitation, even though they were waiting for funds also.  The lender is very familiar with USDA loans and know they will get their funds approved before the end of October.......  I believe she said funds were approved on the 5th....  not sure on that though...

Message Edited by 1fastZ on 10-14-2009 02:21 AM

[ShanetheMortgageMan]

Got this email from my USDA rep in Illinois yesterday:

The Guaranteed Rural Housing program had carryover funds from our previous year allocation. This funds along with additional funding from the CR that has been passed are available and have been loaded in the system. Rural Development should not be issuing conditional commitments subject to funding at this time, it is available. A message was sent through our internal list serv notification however a NOFA was not published 

[Anonymous]

I'm going USDA direct, we were supposed to close on Sept. 30th but ended up having to wait for funds. The USDA let us know today that they got the funding and we can now start the closing process I'm in Texas, but I think every state got their funding. Good luck, it'll happen soon!!!!

[Anonymous]

Nice info Shane....  Was that only for Illinois?

[Anonymous]

Im in Tn and I still havent heard anything from usda.  So, I dont know if we havent gotten funds yet or what the hold up is.  I called my LO at usda yesterday and left a voicemail and havent heard anything back yet.  Wish me luck!!!!  Any new info is appreciated.

[Anonymous]

I live in Illinois. We have had funds come in this week. I am set to close in 1 1/2 to 2 weeks. I had to call and pursue it, don't wait for them if you need to know. They have so many files to work on sometimes you have to call over and over until they get yours to the top of the pile.