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Single Family Housing Guaranteed Loan Program
Plain English Summary
The Rural Housing Service has updated its rules to allow certain lenders in the Single-Family Housing Guaranteed Loan Program to approve loans and get guarantees after the loan has closed. This change means that these lenders can use automated systems to handle the loan approval and closing process more efficiently. Agents should familiarize themselves with these new procedures to better assist their clients in obtaining loans.
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The Rural Housing Service (RHS or Agency), a Rural Development (RD) Agency within the United States Department of Agriculture (USDA), is amending its regulations to grant Delegated Lenders participating in the Single-Family Housing Guaranteed Loan Program (SFHGLP) the authority to make loans and obtain Loan Note Guarantees after closing using automated loan underwriting and closing systems.