Rural Development is projecting that funds for purchase money transactions may run out as soon as October 27, pending receipt of actual funds from the recently passed Agricultural Appropriation Act for FY 2010. The announcement indicates that it takes about 3 to 4 weeks to receive the funds from the Office of Management and Budget.
Just another thing to work though. The Tennessee Rural Development office earlier this week made a commitment to get received loan file submissions processed in time for the tax credit.
For some home buyers, funding might be an issue. For those with pending Rural Development purchases, contact your loan officers to make sure your funding is set.
