The news is in and USDA applicants WILL be happy! Late Friday October 17th the fiscal year 2009 budget passed and USDA funds are now available. As posted on this blog on September 22nd (well ahead of our competition I might ad) we reported that USDA funding would cease starting October 1st. This process happens every year as the following year's budget must be approved in order for future USDA funds to be available. This process usually takes 2-3 weeks and can vary greatly at times.
It is crucial for these funds to be available as the USDA/"Rural Development" loan is one of the last 100% financing options available. The timing is excellent as most closing will take place between now and the end of the month. It's nice to finally give some good news for a change! Continue to check back for the most pertinent and current information concerning the housing market.
Brought to you by Professional Mortgage Group, Inc.
Your Columbia Missouri Mortgage Broker
Monday, October 20, 2008
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