Tips for Lenders Using USDA’s Single Family Housing Guaranteed Loan Program During Peak Homebuying Season

USDA Rural Development sent this bulletin at 07/07/2020 04:30 PM EDT

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USDA Rural Development - Together, America Prospers

SFH Guaranteed Origination

July 7, 2020

Tips for Lenders Using USDA’s Single Family Housing Guaranteed Loan Program During Peak Homebuying Season

As peak homebuying season gets underway, here are a few tips to help you ensure your mortgage application is processed as quickly as possible through USDA’s Single Family Housing Guaranteed Loan Program:

USDA posts current application turn-around times daily to our Single Family Housing Guaranteed Lender Page. Please monitor this site and use it as a guide when setting customer expectations.
Ensure form 3555-21 (“Request for Single Family Housing Loan Guarantee”) is fully completed, consistent with the Guaranteed Underwriting System (GUS) findings and signed by all required parties. (NOTE: USDA is unable to process incomplete applications. They will be returned for corrections and must be resubmitted, which will cause delays for your customers.)
Make certain all required documentation as prescribed in the GUS findings report is included with your application.
Please update the appraised value in GUS before you submit it and make certain the value matches what is on the appraisal report.
When requesting to release a file back through GUS, include the Agency’s Borrower ID number, or GUS ID number, and the reason for the request.

Under the leadership of President Trump and Agriculture Secretary Perdue, USDA is committed to being a strong partner to private lenders in building prosperity in rural America.

Questions regarding this announcement may be directed to the National Office Division at sfhgld.program@usda.gov or (202) 720-1452.

Thank you for your support of the United Stated Department of Agriculture’s (USDA) Single Family Housing Guaranteed Loan Program.

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