Any update on USDA and/or HR 5017?

[Anonymous]

Trying for a USDA loan in California.  Our file, supposedly, went to USDA on Wednesday, Arpril 25th.  My lender said USDA is taking 7-10 days to process - needless to say, I'm pretty worried that we won't get funded.

Does anyone have the current fund balance for USDA?  Also, does anyone know where HR 5017 is at?  It seems like nothing has happened with the bill in the last week or two?

Thanks!

[Anonymous]

My file got sent off on Tuesday. My LO reported the same 7-10 days processing to me, so I am hoping to receive approval by this time next week. I think that there was about 60 million left a couple of days ago. Shane posted earlier this week that he was predicting the funds to run out on 5/11 or 5/12. If that turns out to be the case, then my file will probably miss the boat. I'm still hoping for H.R. 5017 to come to the rescue though. I still have until 5/21 before my proposed closing date and the contract is only a couple of weeks old. Maybe Shane can give us an update.

[Anonymous]

Floor Schedule

Friday, May 07, 2010 9:30 a.m.: Convene and resume consideration of S.3217, Restoring American Financial Stability Act of 2010.

[Anonymous]

There are 3 versions of Bill Number H.R.5017 for the 111th Congress

1 . Rural Housing Preservation and Stabilization Act of 2010 (Introduced in House)[H.R.5017.IH][PDF]
2 . Rural Housing Preservation and Stabilization Act of 2010 (Engrossed as Agreed to or Passed by House)[H.R.5017.EH][PDF]
3 . Rural Housing Preservation and Stabilization Act of 2010 (Referred to Senate Committee after being Received from House)[H.R.5017.RFS][PDF]

The last one concerns 4% fee to lenders***

http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.5017:

[Anonymous]

Current turn time in California is 8-10 business days. Business days

      exclude weekends (Saturday and Sunday) and all federal holidays.

I have been getting my loans through USDA in about 2-4 working days, depends if the loan requires a full review if it was random pick for a audit or not. Also depends if they are a direct lender or not.

[Anonymous]

Thanks. My file was sent last Tuesday, probably got to RD by Thursday. Getting loan brokered by bank, so I am guessing that tommorow will be the earliest I might hear back.