2012 USDA Funds Available Under Continuing Resolution

Fiscal Year (FY) 2012 funds have been made available for purchase and refinance type loans for the Single Family Guaranteed Loan Program under a Continuing Resolution (CR) which expires on November 18, 2011.  However, refinance funds are very limited and are not sufficient to fund all refinance request that are currently on hand at this time

Rural Development FY 2012 fee structure:

  • 2 percent up-front fee for purchase transactions;
  • 1 percent up-front fee for refinance transactions; and
  • 0.3 percent annual fee for both purchase and refinance transactions.

 

Rural Development FY 2012 Processing Priority:

  • Loans where a Conditional Commitment was issued “Subject to Commitment Authority,” will be processed first.  Lenders must submit the closing package and appropriate up-front guarantee fee to Rural Development as soon as possible.  Upon confirmation that all conditions of the Conditional Commitment have been met, and the appropriate up-front guarantee fee received, Rural Development will issue Form RD 1980-17, “Loan Note Guarantee,” to the Lender.  An annual fee amortization table will be attached to the Loan Note Guarantee informing the lender of the annual fee amount that will be due to Rural Development 12 months from the date of settlement.
  • After the backlog of “Subject to Commitment Authority” Conditional Commitments has been processed and Loan Note Guarantees issued, new Conditional Commitment requests will be processed in date order received.

At this time we can only provide funding information through the expiration of the current CR (November 18, 2011), however, we will advise of any changes in funding as soon as they become available. 

To Check Your Eligibility For a USDA Loan click here

To Apply For A USDA Loan Use Our Secure Application Now!

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6 Responses to 2012 USDA Funds Available Under Continuing Resolution

  1. Great information! I am glad I found your website. What is the minimum credit score for a usda loan? Also, how do I find out which areas are eligible?

    Thanks,
    P. Williams

    • moderator says:

      We require a minimum middle credit score of 640 in order to close a USDA loan. Feel free to apply even if you are not sure what your exact score is. I hope that helps.

      Thanks,
      Mike

  2. ana says:

    i was approved for usda loan but was told there is no funding at this time, when will it be available? i am in texas

    • moderator says:

      Hi Ana, There was a funding lapse and it does typically happen once a year, but at this time, USDA does have funding for USDA rural development loans.

      Good Luck!

      – Mike

  3. I’m doing a closing with a lender in Kissimmee and the lender tell me that i can’t do with USDA because the funds is not avalaible at this moment. Please tell me is this is correct. Thanks for your help.

    Sincerely,

    Silverio

    • moderator says:

      Hi Silverio, It is true that there are sometimes funding lapses, but at this time funds are available for USDA.

      Thanks for your question, Good Luck!
      – Mike

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