Delaware Mortgage Loans

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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 have come in to 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 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.

To meet lender demand for guarantees to the end of Fiscal Year 2008, USDA Secretary Ed Schaefer has directed that $1.1 billion of additional guarantee funding be moved into the Section 502 Guaranteed Loan Program. Mechanically, these funds are expected to be in place approximately on August 7. While the additional funding is assured, it is possible that there will be a brief lapse in program funding. The lapse is not expected to last more than 2 or 3 days during which no guarantees will be obligated and no conditional commitments issued. USDA Rural Development will work to keep any such interruption to a minimum.

If you qualify, you can use a USDA Rural Development Loan to borrower up to 102% of the appraised value of a home you are purchasing. 

If you have questions about a USDA Rural Development Loan or would like to apply for a Delaware USDA Loan for the purchase of a home please give me (John Thomas) a call at 302-368-7132 or send me an e-mail to DelawareMortgages@yahoo.com