Reply
Established Member
Kg1977
Posts: 22
Registered: ‎09-03-2012

USDA direct loan funding FY 2013

Has anyone heard when funding will be available for 2013?
New Member
ChazBoomer
Posts: 12
Registered: ‎09-08-2012

Re: USDA direct loan funding FY 2013

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.  

Established Member
Kg1977
Posts: 22
Registered: ‎09-03-2012

Re: USDA direct loan funding FY 2013

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!
New Member
Maine2012
Posts: 5
Registered: ‎09-25-2012

Re: USDA direct loan funding FY 2013

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).

New Member
Maine2012
Posts: 5
Registered: ‎09-25-2012

Re: USDA direct loan funding FY 2013

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?

Member
blacky77
Posts: 8
Registered: ‎06-02-2012

Re: USDA direct loan funding FY 2013

[ Edited ]

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

Established Member
Kg1977
Posts: 22
Registered: ‎09-03-2012

Re: USDA direct loan funding FY 2013

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 :smileysad:(
New Member
Maine2012
Posts: 5
Registered: ‎09-25-2012

Re: USDA direct loan funding FY 2013

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.
New Member
ruttster
Posts: 6
Registered: ‎08-19-2012

Re: USDA direct loan funding FY 2013

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?

Established Member
Nati
Posts: 20
Registered: ‎10-23-2012

Re: USDA direct loan funding FY 2013

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 

Starting scores 5/29/12 via 53 identity alert
EX-676 TU-667 EQ-665
Todays scores 11/16/2012 via 53 identity alert
EX-721 TU-719 EQ-723

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+