Rural Development’s Fiscal Year 2016 Funding has just been authorized by Rural Development. USDA 502 Guaranteed mortgages are now eligible to close as normal.
Any loan which received a prior conditional commitment will receive an updated commitment within the next couple days removing all contingent upon verbiage. Once the updated commitment is received by Rural Housing, these loans will be eligible to close. Loans which have not received a prior conditional commitment will receive full commitments from RHS going forwards. These loans are eligible to close as normal once the full commitment is received.
All new USDA loans as of October 1st will require the new 2.75% USDA Guarantee fee. This fee structure will remain in place until October 2016.
As of 10/1/2016 – the new USDA guarantee fee is 1.0%
If you have questions about a USDA loan currently in processing, please contact you lender direct for status. New USDA loan applicants in Florida or Georgia can contact us by submitting the “Request Contact” form at the top of your screen. Please also feel free to call ph: 800-871-2636.
USDA RHS Funds 2016