Thursday, October 17, 2013

USDA Home Loans Are Now a Go


With the announcement of the end of the federal shutdown, USDA Rural Development Loans will now be available again.  

During the government shutdown, all USDA loans were put on a hold while the Department of Agriculture's employees were furloughed.  This made it impossible for lenders to underwrite or obtain a final commitment from the USDA.

Since the announcement was made last night, federal employees have begun to go back to work.  Currently, the USDA is open but because of the back log of loans through this incident they will be working hard to get loan turn times back on track.

For right now and the next few weeks, expect longer turn times than usual.  Through the shut down RANLife Home Loans was forced to come up with alternatives for their USDA clients.  Many were able to convert to an FHA or conforming loan.

Click here to apply for a USDA mortgage.  

For those who weren't able to obtain a USDA loan commitment and are still wanting to, it's best to act quick.  The sooner you get the process started with your lender, the sooner you will be able to close.

Some functions of the USDA website are still down, including the availability to do a property search for eligible rural areas.

If you are curious about property eligibility or would like more information on eligible USDA home loan areas, please contact one of our licensed representatives right away.

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