JohnsBlog (articles, news, thoughts, advice)

While a previous post stated USDA is running low on funds, and this IS true, I have found funding sources for USDA loans that are still taking applications and locking loans.

I learn something new everyday, and today was no exception.  I have a banker backed by one of the larger lenders out there, and in the past when USDA has run out of funds, large lenders (such as Countrywide in the past) simply portfolio'd the loans until USDA's next fiscal year or renewal of funds, then sold them off.

Not sure if that's the situation we're seeing here, but one can certainly hope so.  Regardless, the important thing is that we have a source for today and the foreseeable future (soooo, at least until Monday?). 

A little bit of research and reaching out to different funding sources reminds me that the difference between the average agent or mortgage person and the one who excels is just a little bit of intuition, and the desire to not accept "no" without exhausting every resource available.  More often than not, people can be helped, sometimes you've just got to dig a little bit deeper.