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usda additional co-sponsors

USDA Has 3 Versions of Bill in Senate

Just a quick note to update you on the status of USDA. There are currently 3 versions of the bill in the Senate. All are very close in structure. One of the bills have been attached to a supplemental spending bill that needs to get done to fund the armed services and war effort in Iraq. If all goes well, a vote should happen sometime next week. If not, our legislators will be on Memorial break from 5/31 until 6/7 which would push the process back to the end of June best case

Lenders and borrowers expecting to close USDA loans the first week of June might be too optimistic

Just a couple of things pertaining to USDA. The bill has moved on to the Senate. Bill #3266 has received 5 additional co-sponsors, bipartisan support for the bill. The trouble here is that the Senate moves at their own pace (not that of Super Saver). So far, the bill has yet to be put on the calendar for committee vote. Given the slow turning wheels and then the IT time to set up the changes in their system, this could take time. Lenders and borrowers expecting to close USDA loans the first week of June might be too optimistic.