USDA Rural Housing Loans
I’ve received a number of inquiries over the last year regarding the status of USDA Rural Housing loans. Below is a message I received from the National Association of Realtors last week. It seems the program is still in limbo:
USDA Rural Housing Loans
In spite of the Congressional approval of a Continuing Resolution in late September that specifically mentions funding for the USDA Section 502 rural housing program, the USDA announced on October 1 that it would no longer fund the program. Instead, they will issue conditional commitments. On October 13, NAR President Vicki Cox Golder sent a letter to the USDA Secretary, Tom Vilsack, urging that the agency restore the funding. In the current arrangement, lenders are hesitant to offer a loan without a full guarantee of the program which means that rural families cannot access the program. To read the letter to Secretary Vilsack, please visit REALTOR.org: http://bit.ly/cioReZ
