Fiscal Year 2020 funding for Rural Development's Single Family Housing Guaranteed Loan Program is now available.
Fiscal Year (FY) 2020 funding for Rural Development's Single Family Housing Guaranteed Loan Program is now available. USDA will begin obligating funds for Loan guarantee requests that received Form RD 3555-18E, "Conditional Commitment for Single Family Housing Loan Guarantee" (aka Conditional Commitment). Announcement 2019-78 previously discussed the temporary lapse in funding.
Loan guarantee requests that received Form RD 3555-18E, "Conditional Commitment for Single Family Housing Loan Guarantee", will be obligated in the Agency's financial system over the next 2-3 business days. An updated Conditional Commitment will be electronically generated by the Agency to remove the "contingent upon" language. Once received, the request for Loan Note Guarantee for closed loans may be submitted along with a closing package.
For manually submitted packages, ensure the lender certification on the Conditional Commitment is signed and dated after the Agency's obligation date (the issuance date on the updated Conditional Commitment).
NewRez had continued to fund USDA Rural Housing loans with Conditional Commitments subject to the availability of commitment authority. Loans without a conditional commitment are not eligible to be funded.
For USDA's official announcement please refer to the following link for any additional details: Fiscal Year 2020 SFH Guaranteed Funds Now Available.