USDA rural housing program?

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we found a home, we have a contract pending. we applied for the rural home mortgage, we are moving in, before we close.
USDA says there is no monies available till next month.
can this be true? we pre-qualified for the mortgage, we are going to be renting for the month. i live in new jersey
really wanted to close by nov. 30 th , to get the tax credit. my Realtor is handling everything, i don’t no who my mortgage person is, we gave 500$
which is still in my acct. this is a direct loan, i believe. any input would help? kitt
we are all ready packed up and gave notice, we are going down on wed, to our Realtor office for answers. we gave her all out in and signed papers to start the mortgage, now we have to wait to close. the owner is letting us rent til closing. i will get all my info and i will meet with our lender, thanks again
we gave her all the paper work she needed to start the mortgage, my credit score is 725 and my room mate is 815.
now i am really nervous, i read a lot online to understand the different mortgages. because no one has called us yet, my Realtor told us to pack and we are moving in dec. 1st.

  1. Reply
    dog ma
    February 22, 2011 at 2:17 pm

    Yes, the USDA Program runs out of money regularly, usually around the end of the year. Since there are so many first time buyers trying to beat the November deadline, the money has gone fast.

    A bigger concern is that you don’t know who your mortgage person is. Find out now, get in touch with them on Monday and figure out if there are alternatives to the USDA program. Your mortgage lender is crucial to your deal – you NEED to get in front of this person and make sure you understand your options.

  2. Reply
    February 22, 2011 at 3:05 pm

    I never recommend moving into a house before you have closed on it! Things can go wrong and they DO! Especially in this market! I know you don’t want to hear that – but that is the way it is.

    Why don’t you know who your lender is? Call your agent and get the lenders name and phone number and before you do another thing talk to your lender! It’s great to leave everything up to your agent – to a point and I’m saying this as AN AGENT! But you need to know who is doing your loan and what they are doing.

    Yes, USDA could very well not have any more monies until next month which is a very good reason why you should not move in prior to closing.
    Get your ducks in a row. Be patient. I know its hard but it will be easier than the consequences.

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