USDA has announced an upfront guarantee fee of 1% accompanied by an annual fee of 0.35%, which remains the same, for both purchase and refinance transactions in FY 2021 (no fee change from FY2020).
During the beginning of each fiscal year, funding for the Single Family Housing Guaranteed Loan Program (SFHGLP) may not be available for a short period of time (historically about two weeks).
Rural Development will issue Conditional Commitments “subject to the availability of commitment authority” for purchase and refinance transactions”.
As we have in the past, FWL will continue closing and funding USDA loans if there is a lapse in funding during the fiscal changeover.
Conditional Commitments will be accepted from RD with "subject to commitment authority" language in them, which means USDA loans continue closing and funding. (Business as usual.)
Refer to Fiscal Year 2021 Conditional Commitment Notice for details
Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
fax: 502-327-9119
email: kentuckyloan@gmail.com
email: kentuckyloan@gmail.com
