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Issuing Conditional Commitments once Appropriated Funds are Exhausted

Back in business with the USDA Funding. I never even had a chance to write about it, but for weeks there were fears that “the USDA was running out of money.” Most my motivated clients were sure to close before funding would have been exhausted. But today, Rural Development’s National Office in Washington D.C. sent this announcement.

The Single Family Housing Guaranteed Loan Program (SFHGLP) will issue Conditional Commitments once currently appropriated funds for FY 2010 are exhausted.  Conditional Commitments will be issued “subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans.”  Please see the attached document for further details.

Questions regarding this notice may be directed to any representative of the SFHGLP or your State SFHGLP Coordinator.

If you would like to read the full press release it can be seen here.

Stop the Presses – Pretty sure I was probably the first blogger to write about the USDA being funded for the buying and selling Summer season of 2010. Well that comes at a cost – I have to update this post. Today, May 12, 2010, USDA Rural Development sent this out:

The purpose of this notice is to recall and void the guidance that was released on May 11, 2010, regarding Fiscal Year 2010 Appropriated Funds – Issuing Conditional Commitments once appropriated funds are exhausted.   The guidance provided in the notice will be revised and released within the next 24 to 48 hours.  We apologize for any inconvenience this may cause, and reiterate that the guidance provided on May 11, 2010 is hereby void.

We appreciate your continued participation in the Single Family Housing Guaranteed Loan Program.  If there are questions regarding this notice please contact our office at 202-720-1452.

I am not going to worry about this too much. The endgame is still going to be funding will take place and the USDA program still going to be one of the best loan programs available. I may or may not discuss this again, if you want to know where things are at when you are ready to buy – pick up the phone and call me.


As I have discussed in my Real Estate Roundups, I expect there to be little decrease in prices (since they did not go up as much in comparison) in the  hot market of Little Elm which is a USDA Eligible area. So FTHB Tax credit or not -  and prices not to decrease by late Summer or Fall as I have predicted in Lewisville and Flower Mound – it is not too late to get in on some outstanding interest rates and up to 100% financing.


So if you are considering to purchase a home, and believe you may meet the USDA financing eligibility guidelines, you should contact me so I can out you in touch with a great mortgage broker that has experience getting these deals done, then let me help you find your next home for you and your family.

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All Rights Reserved© Jay Myers (972) 510-7800 Licensed Real Estate Agent in Texas

Keller Williams Realty 2611 Cross Timbers Rd Suite #100 Flower Mound, TX 75028

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