USDA loans on hold
USDA loans are being put on hold for awhile. Rural Development, part of the Guaranteed Rural Housing (GRH) program, sent out a letter last week stating that funds will be gone by the end of April 2010.
There isn’t even the possibility of “conditional commitments” because no one is sure when or if there will be more funding available.
For now, an FHA loan is the best option for a low-down payment loan. You can purchase a home with as little as 3.5% down and credit requirements that are more lax than conventional loan requirements.
