After months of lobbying Congress to restore the 502 single family loan guarantee program for rural housing, NAR was pleased when Congress reauthorized this program at the end of July.  However, despite the fact that the legislation has been signed into law, the United States Department of Agriculture (USDA) has indicated that it will still only issue conditional commitments until well into the Fall.  On August 13th, NAR sent a letter to the Secretary of Agriculture, Tom Vilsack, encouraging him to restore the loan guarantees sooner.  There are lenders who are settling on homes under this program, unfortunately, some lenders refuse to honor the conditional commitments now issued by the USDA.

 

For a list of participating lenders, please call our office at 301-870-1717.