The Ides of March: USDA Just About Out of Funds
By
USDA has Almost Exhausted Funds for the Year
In Indiana a USDA Home Loan is the best loan available, allowing buyers to purchase a home with no down payment, and no monthly mortgage insurance. A USDA Home Loan is such a popular loan that it has been running out of funds quicker, and quicker each year. Each year, new funds are appropriated to allow the USDA Home Loan program to continue to operate. This year is no different.
USDA sent out an announcement on March 10, 2010:
Notice of Funding
This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.
Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available.
Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.
We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452.
So, what does this mean
First, in years past when similar announcements were delivered, USDA will NOT issue conditional commitments for loans, as the program awaits new appropriations from Washington. This means that lenders will not continue to close USDA Home loans in anticipation of new appropriations.
This could potentially mean that the USDA Home Loan Program will not get new funds until after it’s 2010 Fiscal Year End, September 30, and then not have funds available until November or even December. Because of how weak the housing market and economy is, this scenario is very unlikely, and since a large portion of the USDA Home loans are utilized by first time home buyers. The first time home buyer market is a portion of the economy that the government is trying desperately to help.
If you do not presently have an accepted purchase offer, or are attempting to purchase a short sale, you must get the offer accepted quickly to get your loan closed and funded before funds run out. I would expect funds to be depleted by the middle of April. If you are unable to get closed in time you will need to put down 3.5% for an FHA loan, or 5% for a conventional loan.
What can you do
Contact your members of Congress regarding this funding crisis and reiterate the negative impact to low-and-moderate income rural families and to rural communities (Basically ALL of Indiana). Let them know that we need funds to get the housing market back on track. The Department of Agriculture is obviously attempting to get additional funding, and pursing changes to the program that could help or possibly completely eliminate future funding problems, but they need our help. Your elected officials contact information.
Available Funding:
Fiscal Yr 2010 Congressional Appropriated Funds: $13.5 Billion
Fiscal Yr 2010 USDA Rural Obligations: $9.7 Billion (as of 3/22/10)
Available Funds: $3.8 Billion
Basically, in half of the USDA fiscal year they have depleted their entire funds for the year
I will update you as more information comes available.
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Update: As of 04-01-2010 there are presently $2,959,524,279 in available funds for USDA Guaranteed Home Loan, of that amount $2,859,299,142 is alloted towards purchase loans, with the remainder towards refinances.
**USDA Funds Update**
As of 04-06-2010:
Total Available Funds: $2,645,602,294
Available Purchase Funds: $2,548,636,600
Remained towards refinances.
Jeremiah,
I'm a broker in MN. Just wondering where you're getting your info regarding usda fund availabilty amounts.
Have yopu heard anything about reallocation of funds?
Erik,
Thanks for stopping by my blog. I get the information from one of our investors, typically once a week. Please continue to come back, I will continue to post updates on available funds.
As for additional funds, this coming Monday, is the earliest that anything could happen. Unfortunately, for the USDA Guaranteed Loan Program I think the initial details Congress will take up will be financial reform, and reauthorizing national flood insurance program.
I hope the Minnesota market is treating you well. It's almost time for the bird size mosquito's to come out in MN? :-0
I'm expecting an update later today on the available USDA funds. Based on current projections I estimate funds will be exhausted the first week of May, which means loans must have all conditions cleared before the end of April.
When I first became aware of the funding shortfall I wrote and called both Indiana Senators. To date I have only heard back from Lugar:
“Dear Mr. Wean:
Thank you for contacting me to express your concern about reports that the funding for USDA Section 502 Guaranteed Rural Housing Loans is likely to be exhausted by the end of April 2010. I share your concerns about these reports and have heard from many Hoosiers on this issue.
Congress is currently reviewing a number of proposals to address this funding shortfall. In addition, the annual appropriations process is currently underway. Final funding levels for any number of programs, including Section 502 loans, are being determined in Congress as committees prepare the congressional budget and ultimately the annual appropriations bills. As this process continues, I will have your thoughts closely in mind.
Thank you, again, for writing to me.
Sincerely,
Richard G. Lugar
United States Senator”
If you haven't done so already, please take the time to contact your elected officials today.
Update: As of 04-12-2010 there is presently $2,212,508,882 in available funds for USDA Guaranteed Home Loans, of that amount $2,119,906,302 is alloted for purchase loans, with the remainder towards refinances.
*** USDA Funds Update ***
Two bills have been introduced to help keep the dream of homeownership alive for moderate income Americans.
H. R. 5003 and H. R. 5017
Washington-Rep. Shelley Moore Capito, R-W.Va., the Ranking Republican Member of the House Financial Services Subcommittee on Housing and Community Opportunity, yesterday introduced legislation in the House Financial Services Committee to shore up funds for the U.S. Department of Agriculture 502 Rural Housing loan guarantee program. Capito's bill, H.R. 5003, The Rural Housing Improvement Act, would ensure that responsible families in rural communities continue to have access to the credit market to finance their homes.
“I have received hundreds of letters, emails and calls from my constituents, including home buyers and sellers, who are concerned that the 502 loan guarantee program will soon run out of funds,” said Capito. “My legislation would continue to assist thousands of responsible, low to moderate income West Virginians who otherwise wouldn't h ave access to home ownership.”
Here is a link to find out about the other bill: http://kanjorski.house.gov/index.php?option=com...
Please take some time out today, for a little tax relief, and call your Congressman or Congresswomen and ask that they support these bills. Don't let the housing recovery momentum slow down, because of lack of funds for USDA.
*** USDA Funds Update ***
As of April 19, 2010
Total Available Funds: $1,735,728,811
Available Purchase Funds: $1,645,879,942
Remaining funds for refinances.
House Committee to Mark Up Sec. 502 Guarantee Bill and Others
On Thursday, April 22, 2010 the House of Representatives' Financial Services Committee will consider several housing-related bills, including H.R. 5017, a bill introduced on April 14 that would make additional funding available for the Section 502 guaranteed mortgage loan program in Fiscal Year 2010. The mark-up will be broadcast live online via the Committee's website beginning at 10 a.m. Eastern time. Website: http://www.house.gov/apps/list/speech/financial...
H.R. 5017, named The Rural Housing Preservation and Stabilization Act of 2010, would authorize up to $30 billion for the Section 502 guarantee program this year. (It has no provisions on rental housing preservation and is not related to H.R. 2876, The Rural Housing Preservation Act of 2009, which has been subsumed into H.R. 4868.) The program is expected to use the $12 billion previously authorized for this year by the end of April. The bill would raise the additional funds through lender fees when the guarantee is issued and then annually throughout the loan term.
The Committee's mark-up includes a total of six bills, and will be continued on April 27:
• H.R. 2336, Green Resources for Energy Efficient Neighbourhoods Act of 2009 or the GREEN Act of 2009;
• H.R. 5017, Rural Housing Preservation and Stabilization Act of 2010;
• H.R. 2555, Homeowners’ Defence Act of 2009;
• H.R. ____, FHA Reform Act of 2010;
• H.R. 1264, Multiple Peril Insurance Act of 2009; and
• H.R. ____, Flood Insurance Reform Priorities Act of 2010.
*** USDA Funds Update ***
As of April 26, 2010
Total Available Funds: $1,234,468,681
Available Purchase Funds: $1,149.457.147
Remaining funds for refinances.
** Senator Bayh finally responds to me **
Dear Mr. Wean:
Thank you for contacting me regarding flood insurance and the Section 502 Loan Guarantee Program. I am grateful for your thoughts and always appreciate the advice of those I am honored to represent.
The National Flood Insurance Program (NFIP) was created in 1968 in response to the destruction caused by Hurricane Betsy. Since then, Congress has reauthorized and extended the program on several occasions. On March 10, I voted for and the Senate passed the American Workers, State, and Business Relief Act, which would extend the NFIP until the end of 2010. Currently, the House and Senate are working to resolve differences between the versions of the bill passed by each chamber. In the interim, on April 15, the Senate passed and the President signed into law a bill (H.R. 4851) that temporarily extended the NFIP until the end of May. This extension is retroactive to March 28 when the program expired. Congress is also working on reforming NFIP and there are currently several such bills pending. On April 21, the House Subcommittee on Housing and Community Opportunity held a hearing on the various reform proposals. As a member of the Senate Committee on Banking, Housing, and Urban Affairs, which holds jurisdiction over the NFIP, I will continue to monitor this issue closely and will keep your views in mind when the Senate addresses this issue.
The Department of Agriculture's Rural Housing Service administers the Section 502 Loan Guarantee Program. Under this program, loans are granted for single-family homes and are guaranteed up to 90 percent. On April 14, H.R. 5017, the Rural Housing Preservation and Stabilization Act of 2010 was introduced in the House of Representatives. This bill would make the program self-funded by imposing an upfront fee on lenders and giving the Secretary of Agriculture the authority to assess an annual fee on the loan's outstanding balance. If similar legislation comes before the Senate, I will be sure to keep your views in mind.
Again, thank you for contacting me. I hope the information I have provided is helpful. My website, http://bayh.senate.gov, can provide additional details about legislation and state projects that may be of interest to you. I value your input and hope you will continue to keep me informed of the issues important to you.
************************************
Basically a history lesson, with little real feeling or hope of helping put into the message. – JW
** 2 Positive Developments ** #USDALoans
First, the House of Representatives officially passed H.R. 5017 this afternoon. This bill would increase the Guarantee Fee relative to the actual cost of the program. Senator Bennet from Colorado has already stepped up and expressed his support for this bill and we are hopeful it will be brought before the Senate soon.
Secondly, USDA is carefully monitoring this Congressional activity and stated they will consider issuing conditional commitments. Their decision to do so will be based on Congressional progress.
Now is the time for you to contact your Senators to ask them for their support regardless of political affiliation.
** USDA Funds Update **
As of April 27, 2010:
Purchase: $1,046,482,690.77
Refinance: $84,377,998.61
Total: $1,130,860,689.38
We anticipate funding will likely be exhausted by May 7, 2010. The Administration is aware of our funding shortfall. Currently two Bills have been introduced in an effort to secure additional funding, H.R. 5003 and H.R. 5017. The status of this proposed legislation is available to the public online at: http://thomas.loc.gov/home/bills_res.html.
Depending upon Congressional activity with the proposed legislation it is possible that the Agency may consider issuing Conditional Commitments.
** USDA Update **
Yesterday, the U.S. House of Representatives passed the Rural Housing Preservation and Stabilization Act of 2010 (H.R. 5017). Through this legislation, the guarantee fee in the USDA Guaranteed Rural Housing (GRH) Program may be raised to offset any need for Congressional appropriations. Additionally, H.R. 5017 would authorize USDA Rural Development to guarantee up to $30 billion in loans in Fiscal Year 2010. This would represent an additional $18 billion in loan making authority for the remainder of this fiscal year.
Before these changes can be implemented, similar legislative action will need to occur in the U.S. Senate.
Following this action in the House, the USDA Rural Development National Office sent an announcement that stated: “Depending upon Congressional activity with the proposed legislation it is possible that the Agency may consider issuing Conditional Commitments.”
Mr. Wean,
I'm a first time home buyer who's depending on this USDA Rural Development loan. All I have to wait for is an appraisal of the property (which will take about one week, give or take) before waiting to hear back about this loan. This brings us into the first week, maybe even second week, of May before we're able to hear back about it. In your position and with what you know about how the funds are, what's your opinion on the chances of us making the loan in time before all funds are depleted? I've had one office tell me that the Rural Development loans will be funded until September, but would like your opinion about my time frame.
Thank you.
Joelene,
Thank you for the comment.
The USDA funds will definitely be depleted in the next couple of weeks. The questions outstanding are how quickly will 5017 be picked up by someone in the Senate, and passed; or will more funds be appropriated so the Program can continue operating. The problem with appropriating additional funds is that it is only an advance on next years funds, making next years funds run out sooner. The end of the year for the Government is September 30. So, funding for USDA is decided at that time, and then they get new funds (or remaining in the case of advances) for the next year at that time. Presently, if USDA feels good about the prospect of additional funds or 5017, they will revise their stance and issue conditional commitments even after funds have been exhausted.
If you can get everything in to the local RD office by the first week of May you should still be good, because as soon as it is reviewed by RD, a commitment is issued and funds reserved. You should check with your Loan Officer to ensure that you have all the updated information they need, paystubs, bank statements, home owners Insurance dec page, etc.
Keep in mind with the appraisal, the appraiser could call for work to be completed on the house to bring it up to minimal property requirements, or they could call for Septic, or Pest Inspection.
After all conditions are submitted to the lender they do one final review of all the documents, then they submit your loan to review by the Local RD office.
Worse Case (Let's Hope this doesn't happen): Even if funds run out in early May, and 5017 does not move forward the program will continue after the end of Fiscal Year 2010, when USDA gets additional funds for FY 2011. It usually takes 1 – 3 months for USDA to get the funds. So, USDA Guaranteed Home Loans would be available again in November or December 2010.
Best Wishes on your new home purchase,
Jeremiah…
** Press Release from Senator Benet **
Bennet Introduces Legislation to Bolster Rural Housing Loan Program, Help Families Access Credit
Rural Housing Service Program Currently on Brink of Insolvency
Washington, DC – At a time when mortgage credit markets are still uncertain, Michael Bennet, U.S. Senator for Colorado, introduced a bill that will bolster Rural Housing Service loan programs on the brink of insolvency and ensure that families in Colorado’s rural communities have the access to the credit they need to buy, build and repair their homes.
Bennet introduced the Rural Housing Preservation and Stabilization Act, a fiscally responsible bill that would extend the life of the U.S. Department of Agriculture Rural Development’s loan guarantee program without cost to taxpayers by slightly changing the program’s fee structure to make it self-sufficient. The Congressional Budget Office estimates the bill will save $24 million in discretionary spending in FY10.
“Families across Colorado rely on USDA Rural Development’s loan guarantee program to buy homes in our state’s rural communities, but the program can’t keep up with demand and will stop if we do nothing to fix it,” Bennet said. “The common-sense changes in this bill will strengthen the program, make it self-sufficient, and make sure it can continue to help families and the housing sector recover in the long term.”
Rather than fall back on increased appropriations, the Rural Housing Preservation and Stabilization Act would enable the program to provide credit in a financially sustainable way by increasing the maximum up-front loan guarantee fee the agency can charge for new purchases from 1.0 to 4.05 percent. Additionally, the bill would increase the maximum volume of loan guarantees the USDA has the authority to make using existing funding sources.
The USDA’s Rural Housing Service Loan Guarantee Program (Section 502 loans) provides loan guarantees to private lenders for low and moderate income families to purchase housing. Applicants for loans may have an income of up to 115 percent of the median income for the area. Families must be without adequate housing, but be able to afford mortgage payments, including taxes and insurance. Applicants must have reasonable credit histories.
** USDA Funds Update **
As of May 04, 2010:
Purchase: $599,675,847
Refinance: $80,706,927
Total: $680,382,771
Funds are presently anticipated to run out by May 12.
** USDA Funds Update **
May 11, 2010:
Funds are expected to be exhausted by May 12 or shortly thereafter. RD has stated they will issue conditional commitments, “subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans.
The full letter from RD can be viewed at: http://www.slideshare.net/JWean/conditional-com...
About the conditional commitments.. In layman's terms, what EXACTLY does it mean to a buyer/seller?
Joe,
First thanks for the comment.
This is great news. Had this not come about after May 12 (assuming fund exhaust tomorrow) a USDA Loan wouldn't have been available until after Sept. 30.
USDA Loans will continue to be available, the transaction will be the exact same to the seller the buyer will finance an additional 1.5% guarantee fee, on a $150,000 sales price it will add a minimal $12.22 per month.
I have already heard from one of our investors that they will accept the Conditional Commitment.
It is time to get out and find a new house and do a USDA Home Loan!
** USDA Funds Update **
It appears that USDA is calling a do over. The information they released is no longer the case and they will issue new guidance in the next 48 hours detailing what they will do once funds are exhausted.
** USDA Funds Update **
May 17, 2010
At this time all general use funds for USDA Section 502 Guaranteed Rural Housing Program have been exhausted. Funds are still available for the 2005 hurricane impacted areas, and some 2008 disaster declared counties.
USDA has still not re-issued an announcement with further guidance stating whether they will issue conditional commitments.
Jeremiah,
Do you have any other information about the conditional commitments? My loan arrived Thursday after funds were exhausted and I am being to told sit tight. My lender has indicated they would take a conditional commitment.
What are my options?
Sara,
I would definitely recommend sitting tight for right now. Further guidance should be coming from USDA any day now.
As for other options:
* If you are a Veteran – then a VA loan is an excellent alternative
* Next would be an FHA loan, 3.5% down payment; however, the downpayment can come from a gift from a relative, or assuming your lender will allow from a Housing Authority.
Here is a link to a website that lists websites for each States Housing Authority: http://www.phada.org/ha_list.php
Each States Housing Authority have different programs and different qualifying criteria.
I still feel that the Bill HR 5017 will go through.
One item that was not mentioned in the initial communication from USDA when they were originally going to issue conditional commitments was the ability to charge up to 0.50% annual assessment, allowed in HR 5017. I imagine that is what is being reviewed and decision being made how to handle.
I wish you luck on your home purchase journey, and don't forget to contact your Senator and ask him to support the bill.
Jeremiah…
What are USDA loan rates at this time? How can I check USDA rates without going through the lender?
any updates would be appreciated regarding new developements on reapropriating of funds for the balance of 2010
** USDA Funding Update **
May, 25-2010:
H.R. 4899 is being further debated on C-span presently at: http://www.c-spanvideo.org/program/id/224903
The Senate is slated to begin debate on an emergency appropriations bill Monday afternoon that includes a provision to get the Rural Housing Service program up and running again. The measure would allow the RHS to increase its current 2% upfront premium to 3.5% and make the single-family program self-funding. It would free RHS from the appropriations process and from seeking annual renewal of its loan commitment authority. RHS ran out of loan commitment authority on May 17. Some lenders are still using the program but only because the money has been committed, though not used. RHS is a key program for rural lenders of all stripes but also megabanks like Chase Home Finance. The emergency appropriations bill (H.R. 4899) includes funding for the wars in Iraq and Afghanistan and natural disasters stateside. Congress wants to pass this bill before the Memorial Day recess. It represents the fastest legislative vehicle to fix the RHS program. The House has already passed a RHS reform bill, sponsored by Rep. Paul Kanjorski, D-Pa., that increases the upfront premium to 4%, which means House appropriators likely will not object to the inclusion of the RHS provision in H.R. 4899.
** USDA Funding Update **
May 27, 2010:
USDA Issued a Lender Notice yesterday, May 26, 2010 authorizing modified Conditional Commitments subject to congressional action.
You can view the Lender Notice at: http://www.slideshare.net/JWean/lender-notice-c...
Since, no additional funds have been awarded yet, they are only accepting $2.5 Billion in loan guarantees.
Most lenders will charge a higher guarantee than the previous 2%, probably 3.5%, but some could be 4%. They are required to refund the difference to you the borrower if the ends up being less. Since the guarantee fee is financed above the loan, the additional guarantee fee that would be refunded would be applied to your loan balance as a principal reduction, thus reducing your mortgage balance; however, you monthly payment would remain the same.
Not all lenders have returned to offering USDA Home Loans, and some will not start offering USDA Home Loans again, until the modified language is removed.
If you're trying to close on a purchase, using a USDA Home Loan, to meet the tax credit deadline, you will probably need everything submitted in by June 4.
** USDA Funding Update **
May 31, 2010:
On May 27 the U.S. Senate passed H.R. 4899, Supplemental Appropriations Act, by a vote of 67 to 28 (5 Senators did not vote). The legislation will now move to a conference process with the members of U.S. House and U.S. Senate.
The legislation allows for the authority to raise the guarantee fee to 3.50% of the loan amount, and for additional funding sufficient to meet all of the demand for the remainder of Fiscal Year 2010.
Thank you for your posts! I have been trying to find out what is going on with USDA for over a week now. Do you know when USDA will start approving gaurenteed loan applications for R. D. loans again. I received an approval last Thursday for one of my buyers, but I still have one out there and I'm being told they are not processing these until further notice. I have no idea what to tell my other buyer/friend who is freaking out. Thanks!
Theresa,
Thanks for your comment. This back and forth with USDA can definitely be stressful for everyone involved.
RD is approving loans presently; however, with the modified conditional commitment. It could just be the lender the loan is placed with does not want to accept the modified commitment. I have seen a lot of lender jump out since the funding began to run out, and most have not re-entered yet.
I would just make sure the lender is accepting the modified commitments, and do so very fast. Assuming they are trying to get their loan closed to meet the Tax Credit Deadline; they really need to have everything in and going by this Friday. Obviously, that seems like a long time; however, the amount of people trying to meet the deadline is unprecedented, and everyone would hate to miss out on the credit.
If need a referral to a good USDA Lender in Ohio, please let me know, and I'll send it over.
Have a great day,
Jeremiah…
Is there any new news about the funding of the RD mortgage program? Aside from the “conditional commitments”? Will the funds be restored anytime soon? I have a loan sitting waiting for the funding to be restored. Obviously, it would be nice to close before June 30th.
For customers the closing process should not be any different than normal. There is some more liability on the lender side until funds are appropriated, but that does not prevent your loan from closing.
Speak with the lender, and make sure that they are funding USDA loans with the modified conditional commitments. While you shouldn't have any trouble closing by the 30th, you need to make sure that your lender will close with the modified commitment, if not you'll need to find another lender quickly.
Good Luck. While I do not lend in Michigan, if you need a referral please let me know.
Do you know when the $2.5 billion will be available?? My loan officer said “it should be any day now” and I'm afraid it will not be… and I wont be able to close on my house?
Lauren I have not heard any update on additional funds being appropriated. USDA is issuing Modified Conditional Commitments on the first 2.5 billion in loans that come through their doors. Unfortunately, right now there are very few investors doing USDA loans, because of the modified commitment.
Check out this post I did on the update: http://www.jeremiahwean.com/usda-funding-update
We are still closing USDA Loans.
From your loan officer saying, “it should be any day now” tells me that they are not going to be doing USDA loans until USDA removes the two contingencies. You need to ask the Loan Officer, do you have any lenders/investors that are currently closing USDA loans based on the present Modified Conditional Commitment? If you need a referral to a good Loan Officer in Kentucky please don't hesitate to contact me, I can only do loans in Indiana.
Good luck.
Jeremiah…
I am currently having a house built in a rural area of my state that qualifies for the USDA loan (our first house) and we are eligible for the Guaranteed Rural Housing Loan (Section 502). I contacted the local USDA office in Texas and was informed about “conditional commitments” being offered by the USDA until funds become available and I passed this onto the Lender that approved me for an FHA loan already. He said they only take unconditional approvals and that it doesn't look favorable that the USDA will have the funds again by November (when we anticipate closing). Is he just blowing smoke up my behind or is there any truth to his statement? We REALLY want the USDA loan (even though we have the 3.5% FHA down payment already) so we can use the 3.5% FHA down payment for housing items and moving costs, but I'm just worried that nothing will be there when the time comes. What is the current bill that contains the USDA info so I can follow it? Has it been discussed recently?
Donna,
I'm sorry it has taken me so long to respond. I planned on writing a short post to address this very issue, and attempting to show some of the items. Unfortunately, it has fallen a little to the side. I should have the post up later this week.
The funds will be available to the Local RD office shortly. We have been closing loans with conditional commitments since they ran out of money.
I recently wrote a post about the new Bill that was recently signed by Obama: http://www.jeremiahwean.com/usda-home-loan-funds
The bill is H.R. 4899, I have a link to the engrossed bill on that post.
The governments fiscal year end is September 30, so even if this bill had not passed and been signed by the President, additional funds would have been appropriated and by November more than likely already arrived at the local Rural Development office.
Good luck on your new home.
I have a great contact in Texas if you decide to work with someone beside your current Loan Officer.
Jeremiah Wean
Hey for everyone that is looking for current updates please check out one of my newer posts at:
http://www.jeremiahwean.com/usda-home-loan-funds
It is official I just got the notice from USDA about an hour ago. USDA will not be changing their conditional commitments until after the fiscal year end. We will continue to close USDA loans.
If you would like to read the USDA Lender Funding Notice letter: http://www.slideshare.net/JWean/usda-lender-fun...
While this may be bad news for some long term it will benefit the USDA loans. Plus I can still get USDA loans closed.