A little birdie told us last month that USDA Rural Economic was going to run out of money... and Wells Fargo, and probably some other banks too, stopped taking any USDA Home Loan Applications. (click here for more details)
At the time... we were using about 100 million dollars in USDA Home Loans a Day from the line, and at that rate, it looked like we would run out by April 17th, 2010.
Once they ran out, we were told... the program might change, or maybe there would be a next Tax Credit Extension... or maybe Congress would just give them more money - "Who Knew?"
We continue taking USDA Home Loan Applications - because the current numbers look like this:
April 6, 2010 USDA Guaranteed Rural Housing Funds Utilization Data
Total FY10 Allocation $13,533,663,697
YTD FY10 Obligations $10,888,061,403
Total Available Funds $2,548,636,600
That's right - there's still at least $2.5 BILLION available for funding.
If you have questions about getting a USDA Home Loan - call us! Steve and Eleanor Thorne 919-649-5058