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thawkins9
18 Posts |
 Posted - 03/11/2010 : 08:12:01 AM
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| Just rec'd the funding notice yesterday that says they anticipate being out of funds by end of April and won't be issuing conditional commitments subject to funding because they don't know when they will receive more money. Haven't been able to find anything online addressing this. Anyone have any insight? |
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jtm7332
637 Posts |
Posted - 03/11/2010 : 08:17:48 AM
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| I received something from my director of compliance this morning stating this same fact. |
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loangodiss
271 Posts |
Posted - 03/11/2010 : 08:25:50 AM
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| This happens quite a bit with USDA. Had it happen on a loan awhile back and 30 days later they had funds again.. |
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The Truth
325 Posts |
Posted - 03/11/2010 : 08:40:18 AM
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| it's a little bit different this year folks... they won't be issuing conditional commitments. Lenders are not going to be "funding through" the down time like years in the past. Not until USDA says when the funds are coming. |
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jvanpetten
4678 Posts |
Posted - 03/11/2010 : 08:52:37 AM
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| I was just told by one lender that 3/19 was the cut off for submission of a USDA loan and that funding was not guaranteed. They also went on to say that Oct was the anticipated date for new funds. YIKES! Hope they are just being conservative. |
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clarenceworley
6788 Posts |
Posted - 03/11/2010 : 09:19:55 AM
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| It's a shame, but they get allotments for the funds. |
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