| USDA Rural Development Guaranteed Funding Update |
| Wednesday, 20 September 2006 | |
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USDA Rural Development has
identified an ending date for guaranteed funding requests in the
2006 fiscal year and provided an update on funding for
2007.
Last Day to Submit
Guaranteed Funding Requests for 2006
Lenders have until Friday, Sept. 29, 2006, to submit
Guaranteed Housing Loan Applications to Rural Development for
funding allocated in the 2006 fiscal year. All complete guaranteed
loan packages must be received, reviewed, and confirmed to receive
funding in the Rural Development system by the close of business on
Sept. 29. Loan packages can be submitted for review
before the deadline without an appraisal, but it must received by
the 29th to be processed. Lenders are to contact their
local Rural Development office for questions or further
assistance.
Funding in
2007
Congress has not yet approved a budget for the 2007 fiscal
year, beginning Oct. 1, 2006. This will delay Rural
Development's 2007 Loan Reservation System from being available
immediately in October; however, lenders are encouraged to continue
submitting packages with the exception that a Reservation of Funds
will not be required. Rural Development anticipates being able to
approve new, eligible applications in October with carry
over funds from 2006. This will be addressed in a future
release.
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