. . .is someone who keeps you well informed of the ever changing mortgage incentives that the powers on high giveth and taketh away. Bob Wasieko with Security Mortgage updated this morning the situation with the USDA Rural Housing loan program which has been available in the rural counties of Arizona. This program has been an affective tool in stabalizing our rural economies. For all those who are affected by the discontinuance of this program, here is the latest. . .
The Congress has failed to re-authorize funds for the USDA Rural Housing loan program....yet. Thus, when the federal fiscal year ends on September 30th (next Wednesday) so will funding for this $0 down loan program.
This happened last year too. The reauthorization of the funding for Rural Housing was delayed and many of our lenders 'suspended' the funding of USDA RH loans until the new appropriations bill was passed..about two weeks late. Other lenders continued funding USDA and simply held those closed loans on their books until USDA had funds available to offer loan guarantees again. One of those lenders was Taylor Bean & Whitaker who as we all know, have gone to that great closing table in the sky.
We have high confidence that the worst case scenario will be a slight delay to some USDA RH fundings in October. As a back up plan, we have identified lenders who are still accepting USDA RH loans today. We'll monitor the situation and if need be, we'll move loans to lenders still accepting USDA RH loans.
Thank you Bob for the info!
Would it be ludicrous to propose that losing the Ameridream down payment assistance program is not the end of the world? Sure, it's an inventive way to provide Buyers with the opportunity to get into a home with little money out-of-pocket and the Seller does receive a charitable donation on his income tax return but the bottom line is does the program disable us in achieving what really needs to happen in order to improve our current economic condition? First, Buyers need to return to sound financial budgeting practices and wean off of government programs and credit solicitors so they can develop financial security over a lifetime by establishing a savings plan. Sellers, after paying contributions to Buyers, multiple mortgage payoffs and closing costs along with declining market values cannot sell their property for enough money to cover all their costs. Thus prolonging the recovery period because more and more homes are dumped on the market for less than what is owed. It maybe preposterous to even think that the Seller needs relief to help stabilize our economy, as well. Pulling the plug on Ameridream may help balance the scale in leveling the mindset of our nation by working together to improve our situation.
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