SFH Guaranteed Origination
October 21, 2019
Fiscal Year 2020 SFH Guaranteed Funds Now Available
Fiscal Year (FY) 2020 funding for Rural Development’s Single Family Housing Guaranteed Loan Program is now available. The funding is authorized by the Continuing Appropriations Act, 2020, and Health Extenders Act of 2019, (P.L. 116-59, H.R. 4378).
Loan guarantee requests that received Form RD 3555-18/18E, “Conditional Commitment for Single Family Housing Loan Guarantee” 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 loan closing 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).
Thank you for your participation in the USDA Single Family Housing Guaranteed Program. We look forward to serving you and rural America homebuyers.
Questions regarding this announcement may be directed to sfhgld.program@wdc.usda.gov or (202) 720-1452.
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