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Regular Contributor
jeffg330
Posts: 172
Registered: ‎05-31-2012
0

When was USDA funded?

Like so many other threads I've read, I'm sitting on an approved mortgage and waiting on USDA guaranteed.  The only thing I can see going wrong now is they run out of funds. Did they just recently refund after running out? If so how long ought the new funds last?

 

ty and good luck to all that are waiting



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Regular Contributor
sharpie
Posts: 188
Registered: ‎01-30-2010
0

Re: When was USDA funded?

Guaranteed is just that; a guarantee to the bank supplying you with the funds if you default.  It is not contingent upon funding, like the USDA Direct loans are.

Regular Contributor
jeffg330
Posts: 172
Registered: ‎05-31-2012
0

Re: When was USDA funded?


sharpie wrote:

Guaranteed is just that; a guarantee to the bank supplying you with the funds if you default.  It is not contingent upon funding, like the USDA Direct loans are.


I was under the impression it worked that way also sharpie. However my LO told me USDA will NOT guarantee a loan if there is no funding available. He said they put the funds in "reservare when they approve each loan. 

 

Semi patiently waiting still. They're only 4 business days behind from looking at our application! 



Starting Score: EQ 609 EX 570 TU 656 March 2012 CH 7 BK 12/08
Current Score: EQ 691 EX 694 TU 713
Goal Score: all 3 700's.
Quicksilver $5000 Discover IT $1500 Barclays NFL $1250 Walmart $1500 CL Applied Bank $300 (secured)

Take the FICO Fitness Challenge

In the Garden till 12/14

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