Monday, May 24, 2010

HR 4899, S3266, and HR 5007- Guaranteed Funding Update

This is just a short, quick update on USDA Rural Development Guaranteed Funding and the bills: HR4899, S3266, and HR 5007.

So many peoples lives are being held in limbo because of the lack of USDA funding.  Entire families lives are on hold waiting on Congress and our Senate to pass a bill, ... any bill will do at this point so these people can get on with their lives.

If it doesn't happen in the next few days all of these families will not qualify for the Home Buyer Tax Credit.  $8000 is a lot of money to these families.  Their loan must close by 6/30/2010 to qualify.  Some loans are actually structured based on that tax credit! 

This is the saddest example of miss-management and lack of foresight I have ever seen.  Who is going to suffer?? ...  the very people our government is trying to help!

HR 5007 was approved in the House but not the Senate.  HR 4899 and S3266 are back in the Senate and different than the House Bill.  What does all this mean?  I have no idea at this point. 

Following is a post from Anonymous, who seems to have a better handle on it:

Anonymous said...


HR 4899 is the FY 2010 Emergency Supplemental appropriations (Disaster Relief and Summer Jobs) which is scheduled to be up for debate in the Senate when they reconvene on 5/24/2010. Details on this bill can be found at http://thomas.loc.gov -- with any luck, the Senate will approve some version of this bill with additional USDA funding by 5/28, after which they are in recess until 6/7. The House will have to vote on this legislation too. They will also be in recess after this week until 6/7.

Well, Anonymous seems to know a lot more than most of us.  Follow his links and get back to us.  We all need to know.  The USDA offices know nothing and are being kept in the dark too.  I guess that is not a fair statement.  Who, I mean really, ... who can predict what our congress or Senate will do?  The USDA people are just as upset about this as the rest of us are.

The only facts we know are:  The Guaranteed funding has run out.  They are not issuing Conditional Commitments.  They have no idea if or when funding will be allocated.

Please leave your comments.

15 comments:

  1. Hurry, go by a home! You found the perfect home and are ready to close? Just kidding!
    Sincerely ,
    Government

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  2. WE NEED THIS PASSED AND WE NEED IT NOW ....

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  3. Think about the lose of the tax credit! HR4899, what ever, Pass something! We are running out of time.

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  4. What a joke our senate is, I have watched them the last couple days, Maybe if they were not allowed to take a 10 day break until this was
    done they might actually do somthing

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  5. WE ARE TRYING TO BUY A HOUSE AND HAVE SIGNED A PURCHASE AGREEMENT. WE WERE COUNTING ON THE GUARANTEED RURAL DEVLOPMENT LOAN. I GUESS WE WON'T BE BUYING A HOUSE. THANKS..

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  6. Don't give up. USDA is now providing conditional commitments. Funds are expected to come very soon. Hang in there.

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  7. What are the conditions for the commitments?

    If my loan was in underwriting and I have already signed the disclosures on the new fee, what do I need to be asking my lender?

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  8. If what you say is true, your lendder has the option to close that loan right now. Does your lender have the conditional commitment?

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  9. Please do something fast about this. We have already had to do one extension on our house and who knows if they will want to do another one, We just want OUR HOUSE! If you all are doing this on purpose so most of us miss out on the tax credit than you should of never extended it!!!! Please pass this ASAP. You all our affecting alot of people right now where we can't close on our homes cause of this!!!!!

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  10. Anonymous mentioned the "Tax Credit". I thought that time had expired.
    Has RD had funds released as of now?

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  11. Anonymous mentioned the tax credit. I thought this time limit had passed. Has there been another extension?
    Has Rd been funded as of today? Anyone have any insite on the subject?

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  12. No funds yet. Yes the tax credit was extended. However, time is running out. The loan must close by 6/30/2010.

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  15. I too signed a purchase agreement and then was told the funds are GONE! I have till the 23rd of this month to have the funding and if I don't I lose out ... PLease someone do something.

    Deperate

    ReplyDelete