Just before 5pm yesterday, the senate voted for and passed the bill containing funding for the USDA Mortgage program that we spoke of yesterday. Lenders are now able to more forward on applications that until now were stuck in limbo. For people who have been waiting for this funding, we recommend closing ASAP, as many lenders will have an overwhelming workload of “last minute close’s” towards the middle/end of June.
The only caveat at this point is that this funding is available pending Congressional approval and that the loan approval time could be longer than previously seen due to new regulations.
Funding for this rural development program is still limited though, so if you are planning on taking advantage of this program, we recommend that you put in your loan application soon. This program, which offers lower down-payments and favorable interest rates for rural properties, is a perfect compliment to already-low property prices in some rural areas.
Plus, when our infrastructure collapses, you will have a head start on subsistence farming!
- Mortgage Pro Blog; Geoffrey Boyd; PrimeLending Clackamas OR