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One of the better programs that has been available to those wanting to buy a home with guaranteed lower interest rates and low to no down payments has been the US Department of Agriculture.

To neutralize the tougher lending guidelines that have followed this mortgage crisis, lots of potential home purchasers have been counting on the USDA St Louis home mortgage program to help put them into a new home with better rates which in turn would give them a better life.

Looking at the sharp difference in loans done by the USDA, we see 31000 loans worth $3 billion in 2006 compared with the fantastic numbers of 133000 loans worth about $16 billion done in 2009.

St Louis mortgage experts have known that the qualifications for the USDA loan is much more stringent than the FHA required loans. But the main difference with the USDA home loans was there were lower default rates.

Now for the bad news: This program was never meant to handle that lots of St Louis loans and because of this run on this stimulus package, they ran out of money.

Capitol Hill recently passed a new proposal that would allow them to appropriate more funding towards the USDA program so that more homeowners can continue to benefit.

Another bill was also passed by the Senate Appropriations Committee sponsored by Senator Michael Bennet.

But even though bills have been passed to keep this program funding new mortgages, there're a few who still cannot get a St Louis house loan from the USDA.

So, with all St Louis finance paperwork completed, potential borrowers nationwide are awaiting any news from Washington in regards to when they will be more funding available. The good news is that it was announced that the tax credit has been extended till September 30th which may give these customers the needed time to close.

To aid spur the economy, politicians are expecting these new bills to pass but are not giving any possible dates when these new funds will be ready.

Consumers are obviously depending on these USDA loans and are holding their breath hoping to close on their contracts by September 30th.

Another problem that hovers over these consumers is that banks aren't changing any parameters until they know for sure that these bills have passed. Then they will proceed with the long line of borrowers.

Industry experts are still trying to keep an optimistic attitude that these loans will be made and the closings will take place by September 30th so that the consumer and all professionals involved will be happy.

With the Sept 30th deadline just around the corner, St Louis refinance experts feel it certainly behooves those on Capitol Hill to quickly arrange this extension of funding so time doesn't run out for lenders to process the huge amount of applications.

This presents an unprecedented loss to these home buyers who will not just lose their new house of choice, but will also miss this tax credit entirely not to mention losing these historically low interest rates that may not reappear for an extremely long time.

Thus, let us see how Washington and the current administration addresses this new appropriation of funding for the USDA and hope that all home loan applicants will truly benefit and get their new home. The economy needs this too.

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