FY 2021 Funding and Conditional Commitment Notice
With the start of the new fiscal year on October 1, 2020, USDA anticipates having a temporary lapse in funding for the Single-Family Housing Guaranteed Loan Program (approximately two weeks). During this time, Rural Development will issue Conditional Commitments (Form RD-3555-18/18E) “subject to the availability of commitment authority” for purchase and refinance transactions.
Guarantee Fees will remain at 1.00 percent for the Upfront Guarantee Fee and .35 percent for the annual fee on purchase and refinance transactions.
NewRez will continue to fund USDA Rural Housing loans with Conditional Commitments subject to the availability of commitment authority. The Loan Note Guaranty will be required post-closing. Loans without a Conditional Commitment are not eligible to be funded.
For USDA’s official announcement please refer to the following link for any additional details: Fiscal Year 2021 Conditional Commitment Notice.