USDA has announced that they anticipate funding for the guarantee program will be exhausted by the end of April. USDA will not be issuing conditional loan funding commitments with the “subject to receipt of appropriated funds.” – this is very different from the past. Lenders have always been able to issue conditional commitments for loans funded under the program while waiting for Congress to appropriate more funding. At this time it is not known when USDA will obtain more funding in 2010.
Theresa Springer’s Blog
USDA Rural Development Running Out of Funds
March 12, 2010
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