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Old 03-12-2010, 08:11 PM
 
Location: Jax FL
9 posts, read 23,292 times
Reputation: 12

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So, I've been searching and found the perfect house. Put an offer. It's accepted.
I am doing a usda rural loan. I set up my home inspection and wdo inspection..they're happening tomorrow morning (saturday).

Here's the trouble..
We all heard the news today. The usda is almost out of funding. Wells Fargo is no longer accepting usda loans as of today.
My loan package was just submitted to WF today at 9am. I got it in before they stopped accepting these loans. It's in underwritting with them right now.

What are the chances that my loan will actually be funded?
I'm stressing like crazy over this. My LO said chances are good that my loan will be funded but isn't totally sure.
We need the appraisal and my homeowners insurance lined up and my package will be submitted to the usda next week.
Do I even have a chance at buying my house?
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Old 03-12-2010, 10:58 PM
 
Location: MID ATLANTIC
8,169 posts, read 20,081,786 times
Reputation: 9406
Honestly, it's hard to say. I would definitely have a back up plan, maybe with another company than Wells. Reason: Your loan officer may push harder if they know your alternate plan is with another lender. It's a ******* move, but it's now or never. The big box banks are choking on their own production and missing deadlines right and left. I'm giving it to you straight, because you need to decide if you still want the property if the financing is no longer available.
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Old 03-13-2010, 04:12 PM
 
Location: Central FL
1,382 posts, read 3,437,042 times
Reputation: 1189
My agent e-mailed me today and said she has heard that USDA will be out of cash by April.
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Old 03-14-2010, 09:46 AM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 20,124,565 times
Reputation: 6420
It would be nice to find the source of this information. Anyone care to post a link to the source?
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Old 03-14-2010, 02:28 PM
 
Location: Tempe, Arizona
4,511 posts, read 12,422,421 times
Reputation: 2197
Here's what I found that says funding runs out by end of April:

USDA Rural Housing Funds to Run Dry by April. Lenders Already Dropping the Program
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Old 03-14-2010, 06:22 PM
 
Location: Jax FL
9 posts, read 23,292 times
Reputation: 12
Well, my inspection found nothing really (handful of $5 fixes). Appraisal's being ordered asap. And then we'll find out.
But, I will go FHA if I need to.
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Old 03-15-2010, 09:14 PM
 
Location: Chesterfield, VA
1,222 posts, read 4,733,827 times
Reputation: 547
Good luck and let us know how it turns out!!
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Old 04-07-2010, 11:53 AM
 
Location: Jax FL
9 posts, read 23,292 times
Reputation: 12
Just an update. I got my loan approved and got a commitment letter from the usda. I am all set to close on the house in 2 days!
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Old 04-07-2010, 11:59 AM
 
Location: Tempe, Arizona
4,511 posts, read 12,422,421 times
Reputation: 2197
Great! Glad you are getting the loan.
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