USDA – Fiscal Year (FY) 2023 Conditional Commitment Notice
Newrez LLC “Newrez” Approved Correspondent Clients: please note, with the start of the new fiscal year on October 1, 2022, 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 (Form RD-3555-18/18E) “Subject to the availability of commitment authority” for purchase and refinance transactions.
Guarantee Fees will remain at 1.00% for the Upfront Guarantee Fee and 35% for the annual fee on purchase and refinance transactions.
Newrez will continue to purchase USDA Rural Housing loans with Conditional Commitments subject to availability of commitment authority. Loans without a Conditional Commitment are not eligible to be purchase. The Loan Note Guaranty will be required post-purchase.
For USDA’s official announcement please refer to the following link for additional details: Fiscal Year 2023 Conditional Commitment Notice