USDA Rural Development Update
USDA recently announced their policy regarding 2013 fiscal year funding for Single Family Housing guaranteed loans. USDA Rural Development will issue Conditional Commitments “subject to the availability of commitment authority” until funds have been allocated.
USDA RD loans with Conditional Commitments attached to fiscal year 2013 will not be purchased by Gateway Mortgage Group until Congress has allocated the funds.
It is the Client’sresponsibility to monitor and extend rate locks on USDA loans until Funds are available. It is critical that the Clientmonitor credit document expirations to ensure the loan is eligible to close when Funds become available.