Delaware USDA Rural Housing Loan News
Here is the announcement published July 30, 2008, from USDA;
Additional Funding Imminent for Guaranteed Loan Program
As credit concerns have tightened access to mortgage funding in the United States this year, a record volume of requests has come into USDA Rural Development for Section 502 Guaranteed loans. We appreciate the hard work that you, our lending customers, have done to meet the mortgage needs of rural America using USDA guarantees.
Volume has almost doubled since Fiscal Year 2007 and is accelerating. USDA is adding approximately 50 new participating lenders each month. This has put a strain on our original appropriation amount of $4.1 billion, plus $1.5 billion of carry-forward and disaster funds. Unlike FHA, USDA guarantees are limited by the budget; when demand exceeds supply, additional funds must be sought.
