USDA just announced their commitment authority will be temporarily unavailable for approximately two weeks at the beginning of their fiscal year October 1st. During this time frame, USDA will only issue conditional commitments “subject to the availability of commitment authority”.
This means USDA loans scheduled to close during this two week time period will most likely not close on time, because most Lenders will not close USDA loans until USDA funding is once again restored. Buyers who are purchasing a property with USDA financing should be notified of this USDA Funding Delay as soon as possible so they do not experience a last minute surprise.
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Info about the author:
George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam,# Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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