Fiscal Year 2017 Funds Now Available
Fiscal Year (FY) 2017 funding for Rural Development’s Single Family Housing Guaranteed Loan Program is now available. The funding is authorized by the Continuing Appropriations and Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2017, and Zika Response and Preparedness Act (P.L. 114-223, H.R. 5325).
Requests that received Form RD 3555-18E, “Conditional Commitment for Single Family Housing Loan Guarantee” (aka Conditional Commitment), contingent upon the availability of an appropriation, will be obligated in the Agency’s financial system over the next 2-3 business days. An updated Conditional Commitment will be electronically generated by the Agency to remove the “contingent upon” language. Lender receipt of the updated Conditional Commitment will signal the request has been successfully obligated by the Agency. NOTE: Closing transactions are not eligible for submission to USDA until a loan is successfully obligated.
Once the loan has closed (including loans that were closed prior to the obligation of funds by the Agency) the lender may submit their request for Loan Note Guarantee along with a closing package. For manually submitted packages, ensure the lender certification on the Conditional Commitment is signed and dated after the Agency’s obligation date (the issuance date on the updated Conditional Commitment). Lenders using the Agency’s automated Lender Loan Closing (LLC) system will complete the lender certification electronically (i.e. no manual signature/date required).
Senior Loan Officer
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.
- KENTUCKY USDA RURAL HOUSING ELIGIBILITY MAP FOR 2020
- Kentucky Rural Housing USDA Maximum Income by County for 2020
- Kentucky USDA and Rural Housing Credit Scores Guidelines
- Kentucky RHS USDA Guaranteed Loan Income Worksheet
- Eligible Properties for KY USDA Rural Development loans
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