Bulletin 2023-074 USDA – Fiscal Year (FY) 2024 SFH Guaranteed Funds Now Available!
Newrez LLC “Newrez” Approved Correspondent Clients: please note, On October 2, 2023 USDA announced a temporary lapse in funding for the Single-Family Housing Guaranteed Loan Program. We are happy to announce that as of October 17, the Fiscal Year (FY) 2024 funding for Rural Development’s Single-Family Housing Guaranteed Loan Program is available.
Guidance for Loan Submissions
Files in Process: 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 3-4 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.
Loan Closing: 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 using the Agency’s automated Lender Loan Closing (LLC) system.