The USDA program funding for 502 Guaranteed loans is expecting to be out of money by the end of April. Once the funds are gone the agency will not be issuing conditional commitments “subject to receipt of appropriated funds” This is due to the uncertainty of when additional funding will be available.

This does not impact at this time the 502 Direct Loan Program.

What does this mean to you the potential home buyer looking in rural areas of Pierce County? The limited funds along with the expiration of the $8,000 tax credit will be motivating factors for some people to get off the fence and make an offer on the home that they feel will be a good fit for their needs. If you have been looking online and as of yet have not actively started looking today would be a great day to make a few calls to Realtors to see who would be a good fit to help you purchase a home in the next 30 days.

If you have not started talking to a lender to see if you are qualified for a USDA loan pick up the phone today and call a lender to see what you need to qualify for a USDA loan. You can start by calling any of the three lenders who are authors here on this blog. All three can do USDA loans.

Happy House Hunting!