USDA Loan Update
When financing a home in Maricopa Arizona, the USDA Loan is an option for home buyers. The biggest feature of this loan type is the limited funds needed to purchase a home with certain restrictions. Here is an email (from the lender that I partner with to qualify potential home buyers) from the local USDA Representative regarding the USDA Loan Program:
“Thank you for your interest in Rural Development Program’s. Currently Az. Rural Development staff has been reduced 22% with no congressional money to hire staff. Current staff is looking at automatic reductions in government spending, aka Sequestration. Furloughs are pending, which will reduce the staff more. In the Phoenix Area Office we had 8 staff members, I am the only one left in this office. The work load has not been reduced only the people that did the work. Guarantee is not they only program, we have many more that we process. Such as the 502 direct, 504, 306-C, ect…
We are a week behind, where some states are a month behind. Thank you for your patience and any complaints should be submitted in writing to congressional members of their district.
So, how will this affect you? Previously, my lender could close a USDA loan within 30 days, however, now with the changes, if you qualify to purchase a home in Maricopa Arizona with USDA financing, request a 45 day close of escrow. Also, my lender believes that if USDA does not receive any assistance in this matter, USDA will fall further and further behind.
Do you need a good, trustworthy lender to work with in qualifying for a loan?