USDA announces today that funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.
They are not certain at this piont when additional funding will become available. In the past RD would issue conditional commitments "subject to appropriation of funds" but this will not be happening this time around given the uncertainty of the date of funds availability.
If you are not a Veteran, the only "no down payment" loan avaialable today is the Rural Development loan. If you are not already pre-approved and have not recevied your Rural Development commitment of funds your are in grave jeopardy of losing this loan. The next best option for you will likely be to switch to the FHA loan program which requires a down payment in the amount of 3.5%.
My advice to you potential buyers on the fence? Do not delay another moment! Call us today to get pre-qualified.
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