The U.S. Department of Agriculture (“USDA”) announced on October 14, 2021, that funding for the Rural Development’s Single-Family Guaranteed Loan Program is now available for Fiscal Year 2022. Funding was authorized by the U.S. Congress under H.R. 5305 as part of the “Extending Government Funding and Delivering Emergency Assistance Act.”
The USDA has begun processing loan guarantee requests received with language that indicated a conditional commitment was dependent upon funding. The requests will be updated to indicate if a loan has been obligated. Only obligated loans may be submitted to the USDA for a Loan Note Guarantee upon closing.
On October 18, 2021, DocMagic updated the Conditional Commitment for Single-Family Housing Loan Guarantee (Form ID: RD355518.RH) to remove an attachment containing conditional language that was required while funding was unavailable.
If you have any questions, please contact DocMagic’s Compliance Department.