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I think the big holdup is that congress hasn't passed the budget yet.
There's no Federal budget, but there is a Continuing Resolution in place. USDA should be funding normal lvels of loans as that's what a CR is all about, but they probably aren't.
I would contact my Congressman and Senators and ask why USDA won't clearly communicate.
Done that. Contacted congressman - three weeks later still no answer! Disapointed in how government works!
I share all of your frustrations with USDA. Their lack of communication only makes this situation worse. I called Friday 3/18 after the CR passed to see if any of that would go towards my loan (I am one of two people on the list for 502 funding out of this office). I was told, "Your loan could be funded this coming Monday and you might be waiting until June. I can't tell you when your loan will receive funds until the day our office in Washington DC calls us and tells us their wiring your money to us." I literally burst out crying on the phone with this man because after April 30th, we have no place to go. We put in our notice with our landlord because our original loan officer told us that if a CR passed on the 4th, our loan would be funded, and she said there is no way they wouldn't pass a CR and shut the government down. I think that sometimes, the people who work at the USDA office forget there are actually people on the other end whose lives are basically turned upside-down by the whole process. The guy at USDA told me to consider a different route for funding if we "can't wait any longer." He told me that USDA Guaranteed loans are still being funded no problem, just to call a bank and start with that. I called a bank yesterday and the lady laughed at me and told me if USDA is out of funds, that the banks don't handle USDA guaranteed loans.
How are you supposed to plan anything with this loan? What seller is going to wait several months for funding? My last extension for my purchase agreement is on April 15th. After that, I'm afraid, the seller is done waiting after three extensions. I understand the reasons behind no funding and that it is out of USDA's control, but it's such an emotional rollercoaster ride. Here's to hoping for some good news before April 15th.
Nikolasaur,
maybe you called the wrong bank or something. As of my knowledge the Guaranteed loan no longer runs out of funds (if you have First Mortgage in your state call them, that is where we got pre-aproved for Guaranteed. But on the other hand I totally do not understand what is the difference between any regular loan and Guaranteed beside that you do not need downpayment.
I also thought that USDA is slammed with applications, but if you said that there is only two applications in your office which they are processing, then I do not understand what is such a big deal for them to communicate.
I can understand your frustration. We closed on our house USDA Direct Loan on January 21st. We applied in November & found a house in December. So it went fairly quickly thanks to our loan officer. It was a nerve racking there the closer we got to the closing date. I received an email from my loan officer a day before we got our title work back & it said that funds availability was low & limited. I was soooo nervous. I was very fortunate when she did finaly apply for my funds. My funds were available for me & I closed on the date I was suppose to. I livei in ND so I'm not sure if its because of the location that I was able to move more quicker than other states.
I am very happy w/USDA Direct loan
Mindy, I'm in ND as well. I'm going through the Devil's Lake office. I still haven't received any word. The last time I called was too depressing that I'm scared to call them back. Congrats on your new home!
Wow, I guess it is comforting to know that other people are feeling the same frustrations I am right now. Here in Oregon I orginally applied for a direct 502 loan in March of 2010 then in August got the letter asking to submit all finacial information, was kept waiting until January 2011 before I got the letter that stated I was scheduled for a meeting with USDA in 2 days (good thing I had nothing else planned). I got my eligibility letter early February and have been putting a land/home package together since then (meeting contractors, getting bids, renegotiating bids to make it work, ect) only to find out there is no funding. The USDA rep hardly answers the phone or responds to my questions via email. My realtor seems to get a little more information out of her than me but not much. This whole process is awful, if it wasn't for the fact that the direct loan gives me 100,000 more I would have gone guaranteed back in October. But I can't even find a house in the price range for the approved amount I get going the guaranteed route. If I have any hope of owning a home I have to wait for the lousy 502 process to finally end and maybe the property will still be there. I am hopeful since the only offer they have received in the last year has been mine.
Does anybody know when Congress is expected to vote on funding?
I live in michigan and have been waiting for funds for the section 502 direct loan since febuary, rural development contacted me on Tuesday the 29th march that they got there funding!!!!! I close on Thursday!