Good to the last dollar!

Rural Development funds were projected to run out before the end of April. Many large lenders across the country stopped processing these loans to avoid having the cash window shut in their face. Those who continued to apply for the (100%, no monthly MI, low 30 year fixed rate and a 2% financed funding fee) RD loan have been rewarded with the best possible loan in today’s mortgage market.

We will keep submitting...

USDA announced this week that they expect to run out of the entire year’s appropriated funds for their popular Guaranteed Rural Development home loans by the end of April. That’s six months before the next federal budget would renew the program coffers. Lenders are scrambling to get approvals for the last $4B in guarantees.

There is no reason to quit trying for an RD loan, but cover yourself by being pre-approved for another type of loan (FHA, conventional,...