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USDA Mortgage Closings on HOLD Until Funding Has Been Restored
Under USDA’s fiscal calendar, annual USDA funding for fiscal year 2011 expired as of September 30, 2011. Until such time as new funding is authorized, USDA offices will not be able to issue conditional commitments.
Most lenders will continue to originate and process USDA loans. Actual closings will not occur on these USDA loans until such time as funding is restored and a commitment has been issued by the USDA office. Loans currently approved with a previous commitment issued may be closed as scheduled and will not be impacted.
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