With all the hoopla and political grand standing coming out of Washington DC, it is nice to see that on occasion those who have been elected to lead can set aside their bickering and at least accomplish some of the most basic tasks.
In this rare case of unity they have managed to fund the USDA for fiscal year 2014!
Funding for Rural Development’s Single Family Housing Guaranteed Loan program is now available for fiscal year (FY) 2014. The funding received is based on a Continuing Appropriations Act, 2014 (P.L. 113-46, H.R. 2775).
The bad news is that the local USDA Service Center in Raleigh, NC is presently working on completed loan files received from lenders on 9/11 which means that they are a whopping six weeks behind schedule.
My advice to realtors whose buyers are considering a USDA loan for financing is to write the contract with a 30 day due diligence period and settlement to be 30 days thereafter. However, because most lenders are cutting operational staff such as processors and underwriters, it is more important than ever to make sure that the lender your buyers have chosen can actually perform within such tight timetables.
For example, as of today our underwriters are approving completed loan applications which were received 10/24. That’s only 48 hours! Because we leverage technology and only hire the very best in market mortgage professionals, while other lenders are increasing their turn times, we are still committed to issuing a loan commitment in 21 calendar days from application or less! Those times apply to not only Conventional but also USDA, FHA, and VA loans!
Ricardo Cobos is a Mortgage Loan Officer in Raleigh North Carolina expertly assisting financing homes with low interest rates and low down payment Conventional, FHA and VA mortgage loans for move up buyers and first time home buyers alike. Call me at (919)526-0183 or email me your questions , I’m here to help!