Based on updated guidance by USDA regarding availability of funds, effective immediately, the following restrictions apply.
- All USDA loans must have a Conditional Commitment issued by USDA by September 30th.
- Loans must close prior to the expiration date of the Conditional Commitment issued by USDA.
- Any loan not receiving a Conditional Commitment by USDA prior to October 1,2020, will not be eligible for financing until communication regarding available funds by USDA is received.
- LoanStream will temporarily no longer accept new USDA loans, effective immediately.
- USDA Fees will not change in Fiscal Year 2021.
- The Upfront guarantee fee of 1.00% and an annual fee of 0.35% will apply to both purchase and refinance transactions.
Please any questions, please contact your Account Executive.
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With Amendment No. 6, issued on 9/30/2020, FEMA provided an Incident End Date of 9/26/2020 for DR-4558, for 9 affected CA counties from 8/14/2020 – 9/26/2020, with the exception of Butte County, as it’s part of the North Complex Fire and additional damage is possible.