On March 9, 2010, USDA announced funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010. Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.”
If funds are available on the day the file is approved by USDA a Conditional Commitment will be issued. If funds are not available on the day the file is approved by USDA, a conditional commitment will not be issued.
Make sure your loans are submitted to USDA as soon as possible. I called Athens yesterday and asked about reserving funds for loans in process, and they are not accepting reservation of funds.
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