In a nutshell, the bill as passed the House and has now moved on to the Senate. Kay Bailey Hutchinson amongst others is pushing for a vote. We expect passage with little opposition by the end of this week. Keep in mind there could always be difference in the House and Senate version that will need to be tweaked, adding a little more time. Once we are though that process, USDA will need to retool their IT. This could take 2 to 3 weeks given the changes to MIP, etc. Expectations to close loans under the “new USDA” should be no sooner that the first or second week of June. In the meantime, the run rate on current funding will go dry next Thursday or Friday (May 6th or 7th). Any loan without a USDA cert that does not have additional disaster funds left over are unlikely to be able to close until the “new USDA” is up and running.
USDA Funds are BACK!
May 3, 2010|Austin Mortgage Market|
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