USDA Lenders - Refinance Funding Notice - 11-29-2010

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http://www.jeremiahwean.com - Funds received under the Fiscal Year (FY) 2011 Continuing Resolution (CR) for the Single Family Housing Guaranteed Loan Program (SFHGLP) refinance transactions are exhausted. Until additional refinance funds are received, Rural Development will issue Conditional Commitment “subject to the availability of Congressionally appropriated funds for refinance transactions.” Please note that purchase funds remain available and are not affected by this notice.

Rural Development will continue to accept completed SFHGLP applications for refinance transactions, and will process, approve, and issue Conditional Commitments for those applications that are eligible “subject to the availability of Congressionally appropriated funds.” Lenders may close these loans as scheduled. When funds become available, Rural Development will “obligate” funds for the loan. After funds are obligated, lenders’ request for Loan Note Guarantee will be processed upon verification that the loan is closed and all conditions of the Conditional Commitment have been satisfied. The lender assumes all loss default risk for the loan until Rural Development is able to fund it and issue the Loan Note Guarantee.

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USDA Lenders - Refinance Funding Notice - 11-29-2010

  1. 1. USDA -qt. Development United States Department of Agriculture Rural Development To: Participating Lenders FROM: Tammye Trevifio """? {(M&9?.5“’ Administrator Housing and Community Facilities Programs SUBJECT: Single Family Housing Guaranteed Loan Program Notice — Refinance Funding Funds received under the Fiscal Year (FY) 2011 Continuing Resolution (CR) for the Single Family Housing Guaranteed Loan Program (SFHGLP) refinance transactions are exhausted. Until additional refinance funds are received, Rural Development will issue Conditional Commitment “subject to the availability of Congressionally appropriated funds for refinance transactions. ” Please note that purchase funds remain available and are not affected by this notice. Rural Development will continue to accept completed SF HGLP applications for refinance transactions, and will process, approve, and issue Conditional Commitments for those applications that are eligible “subject to the availability of Congressionally appropriated funds. ” Lenders may close these loans as scheduled. When funds become available, Rural Development will “obligate” funds for the loan. After funds are obligated, lenders’ request for Loan Note Guarantee will be processed upon verification that the loan is closed and all conditions of the Conditional Commitment have been satisfied. The lender assumes all loss default risk for the loan until Rural Development is able to fund it and issue the Loan Note Guarantee. Questions regarding this notice may be directed to the Single Family Housing Guaranteed Loan I , Division at (202) 720-11452. , 1400 Independence Ave. SW. ~ Washington DC 20250-0700 Web: http: liwww. rurdev. usda. gov Committed to the future of rural communities. ‘USDA is an equal opportunity provider, employer and lenderi" ‘ - . ~ _, . J To fileva complaint of discrimination. write USDA. Director, Office of Clvll Rights. I . -I 14300 l_ndependence: Avenue, S. W., Washington. DC 20250-9410 or call (800) 7953272 (Voice) or (202) 720-6382 (TDD).

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