Upcoming Deadlines

Posted on March 31, 2010

We would like to apologize once again for not updating this blog lately.  We have just been absolutely swamped lately.  This is due to a few factors.  First it is the busy time of year for real estate.  The weather is finally getting nice and buyer's are out and about.  Rates are also amazing right now and that has spurred a lot of activity.  The other two reasons for the increase in business are a couple deadlines that are approaching.  First there is the Tax  Credit.  Everyone has until the end of April to enter into a contract so that they can take advantage of the Tax Credits that Uncle Sam has on the table.  As long as you have a property under contract, you have until the end of June to close.  The other deadline approaching is for USDA.  USDA is set to run out of funds at the end of April.  The problem is that we just don't know when exactly the funds will dry up.  USDA will no longer reserve funds in the manner they used to.  Currently a file must be complete and have a Final automated approval before funds can be reserved.  So there is a HUGE push to get the current USDA deals out there processed, underwritten, and funds reserved.  It is critical that you have a backup plan in place for some down payment funds should funds run out.  Otherwise you could be left without any options.  USDA is working on a solution to this problem, but so far there is nothing definitive.  Check back for more.  We will post it when the information comes available.

Happy House Hunting!

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