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USDA Rural Development Guaranteed Loan Fiscal Year 2022 Funding Lapse

09/20/2021
At the beginning of each fiscal year, funding for the USDA Rural Development guaranteed home loan program is not available for a short period of time for borrowers in Oklahoma and across the United States– approximately two weeks. USDA anticipates this brief lapse in funding to continue for Fiscal Year 2022. Fiscal Year 2022 will begin October 1, 2021 and ends at the close of business September 30, 2022. This means during the temporary lapse in funding, Rural Development - Rural Housing Service (RHS) will issue Conditional Commitments (Form RD 3555-18/18E) “subject to the availability of commitment authority” for purchase and refinance transactions. When funds become available for Fiscal Year 2022, RHS will advance these files to “Obligate Application” for Conditional Commitments that were issued for loans subject to the availability of commitment authority.

The USDA Rural Development guaranteed home loan program will continue with an upfront guarantee fee of 1.00 percent and an annual fee of .35 percent that will apply to both purchase and refinance transactions for Fiscal Year 2022.

If you're ready to start your USDA Rural Development Home Loan, check your eligibility or have specific questions on the USDA Rural Development Home Loan, click here to begin the process today.

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Am I Eligible?

The property to be purchased must meet specific guidelines to qualify for a RD mortgage:

USDA Home Loans are intended for families interested in purchasing single family, stick built homes. Investment properties, homes that are considered income producing properties, and mobile homes are not eligible for USDA financing. A USDA loan is a perfect loan for a home that is considered ‘move in ready’ and not in need of major repairs.

The other factor to determine eligibility would be the location of the home. USDA Home Loans are available to people who live in rural and suburban communities. Generally speaking, Rural Development defines a rural area as a city, or community of residence USDA has set household income limits that need to be checked to determine eligibility. To view a detailed list of each state with county limits visit our USDA Home Loan information by state page.

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