USDA funds almost exhausted!

If you’re thinking about buying a home this year then there’s no time like the present! Interest rates are low. The fist time home buyer tax credit up to $8,000 is still available. USDA funding is alive, at least for the moment!  USDA offers an excellent opportunity to buy a home in rural areas with no down payment, no PMI and a low fixed rate but the government funding may be running dry.

Below is an alert directly from USDA…

This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.

Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available.

Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.

We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452.