USDA anticipates a temporary lapse in funding for the Single Family Housing Guaranteed Loan Program.
With the start of the new fiscal year on October 1, 2019 USDA anticipates having a temporary lapse in funding for the Single Family Housing Guaranteed Loan Program (approximately two weeks). During this time, Rural Development will issue Conditional Commitments "subject to the availability of commitment authority" for purchase and refinance transactions.
NewRez will continue to fund USDA Rural Housing loans with Conditional Commitments subject to the availability of commitment authority. The Loan Note Guaranty will be required post-closing. Loans without a conditional commitment are not eligble to be funded.
For USDA's official announcement please refer to the following link for any additional details: Fiscal Year 2020 Conditional Commitment Notice.