DARN... DARN... DOUBLE DARN!
We have a TON of customers closing in the next 10 days who think they are going to:
a) move in next week
b) use USDA Home Loan Financing for their 100% (no money down) financing
c) GET THE $8000 Tax Credit
Well, guess what BOMB just hit MY Email this morning?!?!?
FROM: Single Family Housing Guaranteed Loan Program, Washington DC
The President has signed the Agriculture Appropriations Act for fiscal year (FY) 2010. Since October 1, 2009 we have operated under a Continuing Resolution (CR) with carryover funds from FY 2009 and funds allocated under the CR.
Once the bill is signed into law a lapse of three to four weeks occurs before program levels receive funds under the bill from the Office of Management and Budget (OMB).
Due to a high demand for purchase funds, it is anticipated CR and FY 2009 carryover funds for PURCHASE transactions will be exhausted by October 27, 2009, if not sooner. Refinance funds under the CR and carryover from FY 2009 remain available.
During the lapse of funding for purchase transactions, Rural Development will continue to process and issue Conditional Commitments “Subject to receipt of Congressionally appropriated funds.” Business will be conducted as usual.
Once appropriated funds for FY 2010 become available for purchase transactions, you will be notified. Thank you for your continued support of the Guaranteed Loan Program.
Well, this puts a "kink" in those plans! Anybody want to guess how many people just lost $8000??? This is a GOOD reason for them to extend the Tax Credit!
If you are considering a purchase in Wake Forest, Johnston County, Durham, Apex, Holly Springs, Fuquay Varina or anywhere else in NC, and you want to use the USDA Home Loan /Mortgage program - please call Steve and Eleanor Thorne, Professional Mortgage Planners, 919-649-5058