Tuesday, October 1, 2013

Government shutdown affects on USDA Rural Housing Programs

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Government shutdown affects on USDA, FHA, VA, Rura...: Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky  As of midnight on Monday, ...

Government shutdown affects on USDA

For the U.S. Department of Agriculture programs, essential personnel working during a shutdown do not include field office staff who typically issue conditional commitments, loan note guarantees, and modification approvals. Thus, lenders will not receive approvals during the shutdown. If the lender has already received a conditional commitment from the Rural Development office, then the lender may proceed to close those loans during the shutdown. A conditional commitment, which is good for 90 days, is given to a lender once a USDA Underwriter approves the loan. If a commitment was already issued, the funds were already set aside and the lender may close the loan at its leisure. If Rural Development has not issued a conditional commitment, the lender must wait until funding legislation is enacted before closing a loan.

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