Want to Sell Your House Fast? Thinking about Selling? Want to know your homes current value? Request a FREE no obligation Comparable Market Analysis

USDA Guaranteed Funding Fiscal Year 2010 Appropriated Funds

by Jay Myers on May 12, 2010

in Affordable Housing,Real Estate News

USDA Rural Housing Logo

Issuing Conditional Commitments once Appropriated Funds are Exhausted

Back in business with the USDA Funding. I never even had a chance to write about it, but for weeks there were fears that “the USDA was running out of money.” Most my motivated clients were sure to close before funding would have been exhausted. But today, Rural Development’s National Office in Washington D.C. sent this announcement.

The Single Family Housing Guaranteed Loan Program (SFHGLP) will issue Conditional Commitments once currently appropriated funds for FY 2010 are exhausted.  Conditional Commitments will be issued “subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans.”  Please see the attached document for further details.

Questions regarding this notice may be directed to any representative of the SFHGLP or your State SFHGLP Coordinator.

If you would like to read the full press release it can be seen here.

Stop the Presses – Pretty sure I was probably the first blogger to write about the USDA being funded for the buying and selling Summer season of 2010. Well that comes at a cost – I have to update this post. Today, May 12, 2010, USDA Rural Development sent this out:

The purpose of this notice is to recall and void the guidance that was released on May 11, 2010, regarding Fiscal Year 2010 Appropriated Funds – Issuing Conditional Commitments once appropriated funds are exhausted.   The guidance provided in the notice will be revised and released within the next 24 to 48 hours.  We apologize for any inconvenience this may cause, and reiterate that the guidance provided on May 11, 2010 is hereby void.

We appreciate your continued participation in the Single Family Housing Guaranteed Loan Program.  If there are questions regarding this notice please contact our office at 202-720-1452.

I am not going to worry about this too much. The endgame is still going to be funding will take place and the USDA program still going to be one of the best loan programs available. I may or may not discuss this again, if you want to know where things are at when you are ready to buy – pick up the phone and call me.

As I have discussed in my Real Estate Roundups, I expect there to be little decrease in prices (since they did not go up as much in comparison) in the  hot market of Little Elm which is a USDA Eligible area. So FTHB Tax credit or not -  and prices not to decrease by late Summer or Fall as I have predicted in Lewisville and Flower Mound – it is not too late to get in on some outstanding interest rates and up to 100% financing.


So if you are considering to purchase a home, and believe you may meet the USDA financing eligibility guidelines, you should contact me so I can out you in touch with a great mortgage broker that has experience getting these deals done, then let me help you find your next home for you and your family.

StumbleUponDiggTwitterTechnoratiFacebookLinkedInYahoo! BookmarksEmail

All Rights Reserved© Jay Myers (972) 510-7800 Licensed Real Estate Agent in Texas

Keller Williams Realty 2611 Cross Timbers Rd Suite #100 Flower Mound, TX 75028

Subscribe to My Denton County Real Estate's Feed

The Move-Up or Repeat Buyer Tax Credit

January 26, 2010
Thumbnail image for The Move-Up or Repeat Buyer Tax Credit

Also referred to as the Homeowners $6500 Tax Credit follows all the same income and qualifying date requirements as the FTHB tax credit. This credit is intended to be used for new buyers in the market that have owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date.

Read the Full Article →

The Extended First Time Home Buyer Tax Credit

January 26, 2010
Thumbnail image for The Extended First Time Home Buyer Tax Credit

There is really not a whole lot more that needs to be said that my other article here has not already covered. Other than the dates, some changes to the income limits and the addition of the move-up buyer tax credit the 2010 credit is same. There is one advantage to those closing after November 7, 2009 that they would not have had prior — that is the Modified Adjusted Gross Income for qualifying person(s) being raised.

Read the Full Article →

USDA and Texas Veterans Land Board 2010 Update

January 23, 2010
Thumbnail image for USDA and Texas Veterans Land Board 2010 Update

The #2 and #3 most visited pages here at My Denton County Real Estate are the articles that have made me the authoritative REALTOR in North Texas for USDA Rural Development Loans and the Texas Veterans Land Board. Driven by Google searches as seen here and here I felt the need to reassure visitors in 2010 interested in either of these loan programs the information written here is still valid and up-to-date.

Read the Full Article →

First Time Homebuyer Tax Credit Extended for Military Personnel

October 17, 2009
Thumbnail image for First Time Homebuyer Tax Credit Extended for Military Personnel

It is expected that about 350,000 military personnel and an unknown number of federal employees may be affected once this is passed into law. This is one I feel everyone can get behind — There seems to be a lot of talk from political pundits, the news media, and even a lot of REALTORS® that believe the tax credit is just “giving money away” or “creating debt for our children and grandchildren.” I am not sure any of them realize that in order for our economy to have gotten any better money needed to be moving and changing hands.

Read the Full Article →

Could the Google Car not find Highland Village?

October 15, 2009
Google Maps Square

I use Google Maps a lot being a real estate agent in Denton County, so I have noticed this for quite a while, but has the Google Car gotten lost trying to find Highland Village, TX?

You all know what I mean don’t you? It is the vehicle used by Google has been using since 2007 when it expanded it’s to capture the street view images we can find by zooming all the way in on an address using Google Maps. These views are available when you see Pegmanpegman_arrow-10, you can then pick him up and drag him to do different locations or areas within a map. This is a great tool to get a basic lay of the land when searching for real estate, or amenities available around an area or house you may be interested buying.

Read the Full Article →

Buying a Bank-owned Home is “Easy”

October 11, 2009
Bank-Owned and REO Properties in Denton County

While making the rounds to other real estate agents blogs, as I often do to keep up on the market in other parts of the country, I found this hilarious and sadly very true video created by Kris Berg from The San Diego Real Estate Blog. This is evidence the shows whether it be in San Diego, California or here in Denton County Texas buying a bank owned property or REO ((Real Estate Owned Property)) it is just as frustrating.
Kris really shows the comical side of a real estate transaction that many first time home buyers, and even move-up buyers trying to take advantage of great value and bargains in the market today that is saturated with short-sale and foreclosure properties. Sad thing is, stories like this, and the frustration experienced by buyers agents and buyers alike will continue for years to come unless there is some reform with how banks manage these properties. For the record, I have a short sale I have been waiting on for 5 months now, after it closes I will be sharing that story here.

Read the Full Article →

← Previous Entries