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Can you still get a Gov based loan(USDA, FHA, etc) after april 30, 2010?

Our realtor mentioned that the Goverment wasn't renewing something, well hasn't renewed something, that would make it where you could not get a USDA, FHA, VA, or any other loan like that if you could not close on or before April, 30th, 2010. Do you know anything about this?

  • April 08 2010 - Hickory
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Answers (15)

Even though the USDA loan funds appropriated for this year are rumored to be running out, there are Lenders who may fund and carry  the loan until next years' appropriated funds are allocated.  

So don't give up on a USDA loan if your income and property qualify.  Just give up on originating your loans with the largest Banks in America who are too big to succeed.
  • April 10 2010
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Profile picture for missamber_abc
THanks everyone for your advice....
  • April 09 2010
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Profile picture for Blue in d Nile
By the way, you don't need to "close" the sale by 4/30/10 to be able to claim the tax incentive give-away, you just have to have a signed contract by that date.  You have a little more time to close.

But also remember, prices are inflated by at least that give-away amount, so you are really not saving anything.

How much and how quickly the prices will fall after that date is anyone's guess.

Perhaps you were planning on using that $8k for the down payment or closing costs?
  • April 08 2010
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LOL!....Random Realtor may refer you a deal out of blue... right! I've heard that one before.
  • April 08 2010
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FHA - USDA - VA  will all be available after the "Tax Credit" expires.  The Gov ay extend the $8000 tax credit but that is up  in the air.
  • April 08 2010
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Nope having a great day sweetie.  Just a little joke about realtors by and large not being the coldest beer in the fridge.  Calm down....
  • April 08 2010
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Profile picture for Blue in d Nile
Really, no one has any clue whether congress will try to provide another buyer's tax credit incentive after the one expires at the end of April.  Congress says they won't now, but after the market tanks again and foreclosures still cannot be liquidated, we just don't know.

And of course the other thing that the Government stopped doing (at the end of MARCH, (not April), is buying Mortgage Backed Securities.  It is unlikely that that will have an effect on the availability of loans, but it has already had an impact on interest rates.  It is not clear if rates have stabilized due to that change yet or not.  But if rates start increasing too fast, there is always the possibility that Congress will intervene again.

Congress members really like to feel like they have something important to do, even if it is just waste time and money.  And they like to convince the voters that they have done something "useful" so that they can get re-elected.
  • April 08 2010
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Nic - Are you having a bad day?  There really isn't any reason to come in and mock the person asking question by saying "yes" but offering no explanation and then coming back to insult Realtors who could potentially refer you loans.  I hope whatever is bothering you today washes away and that you have a smile on your face before the end of the day.
  • April 08 2010
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Only a realtor could mix up those two things....
  • April 08 2010
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Your Realtor probably means the $8,000 tax credit.  The FHA, VA etc... will still be available.
  • April 08 2010
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Everyone here has pretty much been spot on with good answers for you.

Good Luck.
  • April 08 2010
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The $8,000 tax credit requires that you get your house under contract by April 30th and close by June 30th which is hopefully what she is referring to.  I also know that USDA is running out of money and not able to fund loans once they run out of their share for now.  Even though I have been an agent for 18 years it is still like the last person said "never trust a Realtor for financial advise" 
  • April 08 2010
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Maybe your agent was referring to the home buyer tax credit.  USDA is running low on funds but FHA and VA are fine.
  • April 08 2010
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Never rely on a realtor for financing advice!

Never rely on your loan officer for real estate advice!
  • April 08 2010
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Yes.



  • April 08 2010
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