Yes, You Can Get a USDA Loan
By
What’s Up with USDA Funds
With all the back and forth lately from USDA it would be easy to understand if people were just a little confused over whether or not a USDA Loan is available.
Round and Round
The past couple of months have definitely felt like a ride on a Ferris Wheel, first your at the bottom, they’re running out of money, you get to the top – they’ll issue revised commitments, half way back down no commitments and they’re out of money. We are back at the bottom and on firm ground USDA will issue modified conditional commitments. They will issue these modified commitments to the first 2.5 billion that gets submitted, that is through either the end of the Fiscal Year End, or until Congress pass Bill H.R. 4899 authorizing additional funds and an increased guarantee fee.
Why Your Are Receiving Mixed Answers from Others
The main reason that some loan officers are stating that USDA Loans are not available because their company is not set up with the right investors. A lot of mortgage bankers warehouse lines have covenants that require them to have at least two sources to sell any product offered, with the recent shake up that is very difficult. There is risk for those that make USDA Home Loans since they will have to hold the loans potentially a lot longer than ever before.
The Take Away
If you aren’t getting an answer on your USDA Loan or thought USDA was out of money; you can get a USDA Loan. Give me a call let’s get started on your USDA Home Loan today
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