The USDA has announced it will run out of funding for the USDA Rural Development loan program next month, April 2010. Due to this announcement, we will no longer be able to accept loan applications for USDA Rural Housing loans, effective today, March 12, 2010.
It’s not unusual for the USDA to run out of funds for this loan program, but it usually happens near the end of the year. Since this is the only loan program, other than VA loans, that allows zero down loans, it has become quit popular. This has caused the rapid depletion of available funds for 2010. Say thank you to your government for their continued shortsidedness and absurdity in running our country. Let’s hope they come to their senses and provide special funding for this very important loan program before the usual refunding of this program in 2011.