USDA Loans Not Accepted

USDA Rural Development Loan Applications No Longer Accepted – Effective March 12
Date Posted: Thursday, March 11, 2010
Audience(s): Fulfillment Services Field Support, JV HMCs, JV Managers, JV Ops, Retail All , Retail Fulfillment Services All , Retail Sales All, Sales Field Support
Issue: On March 9, the United States Department of Agriculture Rural Development (RD) announced that program funding for the Single Family Housing Guaranteed Loan Program (SFHGLP) will likely be exhausted by the end of April.
In order to ensure the best possible customer experience for our RD borrowers, the following deadlines must be met to ensure RD loans are properly processed:
• Friday, March 12 at 5 p.m. Central time – Deadline for RD applications to be accepted by Wells Fargo.
IMPORTANT: Effective immediately, a Commitment Letter will only be provided for transactions that have received RD 1980-18 Request for Conditional Commitment and RD 1980-21 Request for Single Family Housing Loan Guarantee from the RD office.
If the Commitment Letter has not been issued, Decisioners must suspend transactions until the two RD documents are received.
• Friday, March 19 or sooner – Complete loan packages should be submitted to the appropriate RD office to request the RD 1980-18 Request for Conditional Commitment and RD 1980-21 Request for Single Family Housing Loan Guarantee.

IMPORTANT: Team members are STRONGLY ENCOURAGED to submit complete loan packages as soon as possible. However, regardless of the date the loan packages are sent, there is no guarantee that RD program funding will be available.

This entry was posted on Friday, March 12th, 2010 at 4:03 pm and is filed under goverment, news.