Rural Development Loan Update

Many first time home buyers throughout the Traverse City area (Leelanau & Grand Traverse County) are waiting for RD Loans to become available once again so that they can puchase their first home. RD loans are a great way for home buyers to purchase a home with a 0% downpayment although the national funding for the program is currently depleted. The following is an update as of today:

National Association of Realtors Urges Congress to Restore Rural Housing Funding

"The Section 502 Rural Housing single family loan guarantee program remains unfunded. This program used all their commitment authority back in May, and despite being non-controversial, Congress has been unable to pass legislation to restore the program. Thousands of families with rural housing loans have been left in limbo, and continue to be threatened with the expiration of the tax credit on September 30. Last week, NAR sent a letter to Senate leaders urging them to bring this legislation to the floor. Language has been included in the Emergency Supplemental Appropriations Act (H.R. 4899), which has passed the House and Senate. However, that bill continues to be stalled and is currently awaiting final passage. We are hopeful Congress will act in the next two weeks on either the stand alone bill (S. 3266) or the Supplemental to restore funding for this program and help low-income rural families nationwide."

NAR Letter to Senator Harry Reid (D-NV), Senate Majority Leader
NAR Letter to Senator Mitch McConnell (R-KY), Senate Minority Leader

Copyright National Association of REALTORS®. Reprinted with permission.

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