pls help!!!!

[Anonymous]

I am going usda direct and I just found out yesterday that the appraisal on my house came back good.  The lady at usda said now she has to obligate the funds and order the title search and then get in contact with the closing attorney to get a closing date.  But....she said the new fiscal year has just started and they havent released funds yet and until they do we cant get a closing date.  So, my question is...How long does all this take?  The title search? the closing attorney? release of funds?  Any help from the experts would be greatly appreciated!!!!  I feel like im sooo close!!!!!

[Anonymous]

Title search does not take long and getting scheduled with the closing attorney basically depends on his/her schedule.  The federal fiscal year just started 10/1 which most likely means none of the funds set aside for any programs most likely haven't been released yet or they don't even know where they are gonna get the cash to pay for them and that will probably be the main culprit if your closing takes awhile to schedule after all this is the government were talking about

[Anonymous]

have you done a usda direct loan? 

[ShanetheMortgageMan]

Congress usually appropriates funds to USDA in mid-October, I anticipate by end of October it'll be accomplished.

[Anonymous]

okay. thanx. I just want to be done and living in my new house already!!!

[ShanetheMortgageMan]

Looks like they just authorized some funds today, I'd call them back to see if they've got word yet.

[Anonymous]

 Shane-

do you mean you think they'll have everthing done on my house closing by end of october or do you mean you think they'll be done dispersing funds to all the agencies by then? If you hear anything about when they disperse funds, if u would let me know, I would greatly appreciate it.  Im in TN by the way if that makes any difference. Thank you!

[ShanetheMortgageMan]

I'd say at this point if you are closing in late October, and the holdup was no funds, it's very likely it'll be fine by then.

[Anonymous]

I really hope your right.  I called my state office today and they said that some of the funds had been released but he didnt know where to.  He said that the lady at usda could call them and they would tell her about my particular loan status.  He said they were dispursing funds in the order the request for release of funds was released.  But to me this sounds like the guaranteed loan and not the direct.  I need to know about the direct loan.  If anyone knows anything, it would be greatly appreciated!!!