USDA announced this week that they expect to run out of the entire year’s appropriated funds for their popular Guaranteed Rural Development home loans by the end of April. That’s six months before the next federal budget would renew the program coffers. Lenders are scrambling to get approvals for the last $4B in guarantees. There is no reason to quit trying for an RD loan, but cover yourself by being pre-approved for another type of loan (FHA, conventional, etc.) or have an escape clause in your purchase agreement.
Our underwriting is 24 to 48 hours and RD takes 3 to 4 more days, but once you have that Conditional Commitment (approval) your funds are reserved for closing. Appraisal times are out of our control but have been very reasonable lately.
DON’T GIVE UP on Guaranteed Rural Housing. Phone or e-mail your congressional representatives and ask them to re-fund this program that stimulates economies in every part of rural America.
View additional information on USDA rural housing loans on our website. For questions or to see if you qualify, contact me below or apply online!
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