With the start of the new fiscal year on October 1, 2018, 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.
New Penn Financial 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 eligible to be funded.
For USDA’s official announcement please refer to the following link for any additional details: Fiscal Year 2019 Conditional Commitment Notice.
New Contact Information for Delaware and Maryland
Beginning October 1st, Single Family Housing Guaranteed Loan Program (GRH) files will no longer be reviewed by Delaware and Maryland staff. A newly established National Office team, comprised of top specialists from around the country, will review and issue Conditional Commitments and process Loan Note Guarantees for Delaware and Maryland.
With this adjustment, all GRH questions and scenarios should be sent to the new processing team's email address: email@example.com.