Lender Announcement:

 

“In light of the recent announcement regarding USDA’s issuance of conditional commitments “subject to the availability of funds” at an increased funding fee of 3.5%, the USDA product has been reinstated. New locks and extensions on current loans in the pipeline are now available. Please note that any file that has not received a clear conditional commitment from RD at 2% will need to be re-disclosed at the increased funding fee of 3.5%. Please note that until automated underwriting is updated to address the 3.5% funding fee all files must be manually underwritten as full document loans. Please note that due to the manual underwrites and file volume, please anticipate a lag in turn times with your underwriter and local Rural Development offices. We appreciate your cooperation.”