USDA Conditional Approvals

September 21, 2021

Overview

USDA Rural Development has announced their policy regarding Fiscal Year 2022 funding for Single Family Housing Guaranteed loans. As stated in the announcement, during the brief lapse in funding for the Fiscal Year 2022, Conditional Commitments will be issued with “subject to the availability of commitment authority for purchase and refinance transactions” effective October 1, 2021 until funds become available in their system. During this transition period, Carrington Mortgage Services, LLC (CMS) will close loans with Conditional Commitments (Form RD 3555-18/18E) issued with a “subject to” condition for purchase and refinance transactions.
As a reminder, the USDA Up-Front and Annual Fees for Fiscal Year 2022 for purchase and refinance transactions are as follows:

  • Up-Front Guarantee is 1.00%
  • The Annual Fee is 0.35%

Contacts

Please contact your Account Executive or Account Manager with any questions.
Carrington thanks you for your business.

Government Agency Approvals

FHA Non-Supervised Mortgagee Approval #:
24751-0000-5
VA Automatic Lender Approval #:
902324-00-00

Mortgagee/Loss Payee Clause

Carrington Mortgage Services LLC
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408

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This information is provided for your convenience and Carrington Mortgage Services, LLC makes no warranties concerning the accuracy or completeness of any of the information. This is not financial or legal advice and should not be taken as such. This information is for mortgage professionals only and is not intended for distribution to consumers.
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An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

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