It looks like USDA will exhaust it's allocated funds for Rural Development mortgages by mid April. Unless Congress acts to supplement USDA's budget, there will be no funding available until late fall of this year or possibly early 2011. This would be yet another blow to the already strained housing recovery.
USDA Rural Development loans provide 100% financing for properties located in targeted areas. While USDA does limit the income of borrowers that can participate it is practically the only option for 100% financing other than VA.
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