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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.