Carrington Wholesale Lending

Bulletin W13-134 – Update, USDA Conditional Approvals with “Subject to the Availability of Commitment of Authority”

October 28, 2013Bulletins

Topic included in Bulletin W13-134:

  • USDA has announced their policy regarding Fiscal Year 2014 funding for Single Family Housing Guaranteed Loans
  • During the process of starting up loan and grant activities for the Fiscal Year, Conditional Commitments will be issued “subject to commitment authority” until funds are available in the system
  • During the transition, CMS will close all loans with a Conditional Commitments issued a “subject to” condition
  • Eligible areas for USDA Rural Development Housing Program remain unchanged through January 15, 2014 barring further Congressional action
  • USDA Up-Front and Annual Fees Structure will continue unchanged for Fiscal Year 2014
  • Conditional Commitments issues without the “subject to” condition were eligible to be closed during the government shutdown and continue to be eligible for closing

Download: Bulletin – W13-134 (PDF)

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