USDA Rural Development Loan Funds Exhausted

As of May 3, the Single Family Housing Guaranteed Loan Program (SFHGLP) appropriated funds for fiscal year 2010 have officially been exhausted.

Based on a directive issued by the USDA, many mortgage lenders have since released memos informing all originators to increase the USDA funding fee on all SFHGLP loans that had not been issued Conditional Commitments.

What does this mean?  Well, with the increase to the USDA funding fee, Rural Development would agree to issue “subject to” Conditional Commitments until Congress votes to appropriate more funds to the program, effectively putting the program in limbo.

So is this the end of the insanely popular Rural Development Loan?  Only time will tell, but we will keep you posted as we find out any news.  For the time being, if you have any questions for the USDA, you can call 202-720-1452.

As always, if you have any loan questions for us, please don’t hesitate to CONTACT US and we will get back to you ASAP!

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