October 20, 2015
Fiscal Year 2016 Funds Now Available
Fiscal
Year (FY) 2016 funding for Rural Development’s Single Family Housing Guaranteed
Loan Program is now available. The funding is authorized by the Continuing
Appropriations Act, 2016 (P.L.
114-53, H.R. 719).
Requests
that received Form RD 3555-18E, “Conditional Commitment for Single Family
Housing Loan Guarantee” (aka Conditional Commitment), contingent upon the
availability of an appropriation, 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.
Lender receipt of the updated Conditional Commitment will signal the
request has been successfully obligated by the Agency. NOTE: Closing
transactions are not eligible for submission to USDA until a loan is
successfully obligated.
Once the loan has closed (including loans that were closed prior to the obligation of funds by the Agency) the lender may submit their request for Loan Note
Guarantee along with a closing package. For manually submitted
packages, ensure the lender certification on the Conditional Commitment is
signed and dated after the Agency’s obligation date (the issuance date on the
updated Conditional Commitment). Lenders
using the Agency’s automated Lender Loan Closing (LLC) System will complete the
lender certification electronically (i.e. no manual signature/date required).
Questions regarding this notice may be directed to the
Single Family Housing Guaranteed Loan Division, at 202-720-1452.
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