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Old 10-25-2013, 07:19 AM
 
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My loan officer told me that as of right now USDA still does not have any funds, my bank is going to still honor the loan until USDA gets their funds, if they get their funds... i just want a house!!!!!!
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Old 10-25-2013, 11:01 AM
 
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Keeping everyone affected by this mess in my thoughts and prayers--*especially* the buyers who have no place to live!
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Old 10-25-2013, 01:34 PM
 
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Quote:
Originally Posted by j2e0s0s5 View Post
My loan officer told me that as of right now USDA still does not have any funds, my bank is going to still honor the loan until USDA gets their funds, if they get their funds... i just want a house!!!!!!

Do what?! What does this mean when you say 'no funds'? Does that mean the person buying my house/now renting won't be able to purchase it with a USDA loan?
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Old 10-25-2013, 02:30 PM
 
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The way I'm understanding the phrase in SmartMoney's previous post in this thread, the banks can still honor the loans:

Lenders may close the loan as scheduled. The lender will assume all risk of loss for the loan untilRural Development obligates funds and the Loan Note Guarantee is subsequentlyissued.

Can someone please correct me if I'm wrong?
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Old 10-25-2013, 07:07 PM
 
2,306 posts, read 3,272,414 times
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Originally Posted by wide-eyed View Post
The way I'm understanding the phrase in SmartMoney's previous post in this thread, the banks can still honor the loans:

Lenders may close the loan as scheduled. The lender will assume all risk of loss for the loan untilRural Development obligates funds and the Loan Note Guarantee is subsequentlyissued.

Can someone please correct me if I'm wrong?
Thanks wide-eyed. I had emailed my realtor after reading this and she responded:

"We should be OK because her loan was in process prior to the shutdown so if they do run out of funds, I don’t think it will affect her loan.

I have been in contact with the agent and the lender and so far we know that the loan has been assigned to an Area Specialist and no conditions have been noted.

Sometimes they will ask for more information to clarify something
but nothing has been requested so far. That is a good sign and I’m hoping we will get the go ahead the first part of next week."


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