usdamortgageonline.com

June 10, 2010

USDA Funding Update!

USDA Rural Housing Funding Update

USDA Mortgage Online is pleased to announce that USDA Rural Development has authorized the issuance of Conditional Commitments for the Single Family Housing Guaranteed Loan Program so we can continue to close and fund USDA Mortgages even though funds for Fiscal Year 2010 are exhausted.

We are closing and funding new USDA Mortgages while everyone else waits for more money to be appropriated to the Rural Development program! If you thought you missed out on buying a home with a USDA Mortgage, think again!

Don’t allow yourself to be forced in to an FHA Mortgage or Conventional Loan, we are still accepting, closing and funding USDA Mortgages!

Conditional Commitments will be issued subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans. The increase to the guarantee fee will work to make the program self sustaining and help to alleviate any future funding issues.

We are excited to continue to offer our customers access to this excellent program.

Feel free to contact us using the form below for more information.

USDA Mortgage Funding Update!

5/11/2010

USDA Rural Housing Funding Update

USDA Mortgage Online is pleased to announce that USDA Rural Development has authorized the issuance of Conditional Commitments for the Single Family Housing Guaranteed Loan Program so we can continue to close and fund USDA Mortgages once funds for Fiscal Year 2010 are exhausted.

This means we will continue to close and fund new USDA Mortgages while we wait for more money to be appropriated to the Rural Development program! If you thought you missed out on buying a home with a USDA Mortgage, think again! We are still accepting, closing and funding USDA Mortgages!

Conditional Commitments will be issued subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans. The increase to the guarantee fee will work to make the program self sustaining and help to alleviate any future funding issues.

We are excited to continue to offer our customers access to this excellent program.

Feel free to contact us using the form below for more information.

IMPORTANT ANNOUNCEMENT

http://www.usdamortgageonline.com is committed to the USDA mortgage program despite any funding shortage.

Although initially announced on March 10, 2010 that funding would be exhausted by the end of April; we believe it is possible that there will be funds available for a couple of weeks in May. Due to recent actions taken by many National Lenders to pull out of the USDA mortgage program, funds have not been utilized at an accelerated pace.There is still time and funds available to get your USDA loans obligated.

We will continue to close and fund your USDA mortgages as long as the 1980-18 Conditional Commitment can be secured.  We will also continue to keep you updated regarding funding for the USDA mortgage program.

Should you have any questions or concerns, please do not hesitate to contact us.

This is to inform everyone that USDA funding could be exhausted by the end of April 2010.

We have been informed by the Washington Office, at the present time, there have been no new allocations for funding. We have discussed with our investor and they are working closely with Congress to obtain new allocations.

Presently, USDA is continuing to issue conditional commitments; however, if new funds are not allocated they may stop accepting the credit files sent to them for approval.

usdamortgageonline is committed to continuing the program as long as funds are available.

However, if we receive word that funds are no longer available, we will not be able to fund the loan even if it has been approved.

We feel this program is a very good program and is a great way to promote homeownership in rural areas. We suggest you contact your representatives in your areas and stress the importance of funding this program.

We will continue to monitor the funding status and will let you know by updating our site.

Thank you for your continued partnership.