Fiscal Year (FY) 2021 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). NewRez Announcement 2020-110 previously discussed the temporary lapse in funding.
Loan guarantee requests that had 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 to USDA.
NewRez had continued to fund USDA Rural Housing loans with RD-3555-18E Conditional Commitments subject to the availability of commitment authority.
For USDA’s official announcement please refer to the following link for any additional details: Fiscal Year 2021 SFH Guaranteed Funds Now Available!