Blog

USDA Temporary Funding Lapse Oct 2017: Don't Miss Out

September 28th, 2017

If you've got a Rural Housing loan in process or thinking about going that route, call us to make sure you get your loan!

The Rural Housing Single Family Guarantee Loan Program announced on September 19, 2017 that the USDA loan program will experience a two week lapse in fundings starting October 1, 2017. During this time, the Rural Housing will issue Conditional Commitments subject to the availability of funds. Florida Capital will continue to fund USDA Single Family Guaranteed Loans with language on the Conditional Commitments "subject to the availability of commitment authority" for purchase and refinance transactions.

Furthermore, there are no changes to the Upfront and Monthly Guarantee Fee which will remain at 1% and 0.35% respectively for purchase and refinance transactions.