USDA Update

USDA Funding Update

USDA Funding Update

With the start of the new fiscal year on October 1, 2017, USDA is expected to have 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 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 2017 USDA Funding Lapse