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USDA Guaranteed Rural Housing Funding Update

Dear Licensed Partner,

Per the Fiscal Year 2015 Commitment Notice released September 30, 2014, funding for the USDA Rural Housing Loan Program will not be available for a short period of time at the beginning of Fiscal Year 2015, which begins October 1, 2014. During the temporary lapse of funding, Rural Housing will issue Conditional Commitments “subject to the availability of commitment authority” for purchase and refinance transactions.

Sun West will continue to purchase USDA Rural Housing loans with Conditional Commitments subject to the availability of commitment authority. Correspondents must ensure all standard Reps and Warrants and underwriting requirements, are met. The Loan Note Guaranty will be required as a post-purchase stipulation.

Therefore, by working with Sun West, there will be no interruption to your organization or to your USDA Guaranteed Rural Housing applicants as we end Fiscal Year 2014 and begin Fiscal Year 2015.

For any queries, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.

Sincerely,

Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
SW-1: Our New No Overlays Program

 

Equal Housing Opportunity This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.