As many of you may already be aware, USDA/Rural Development has announced that funding for the Single Family Housing Guaranteed Loan program will likely be exhausted by the end of April, 2010.  Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriate funds.”  This is because it is not certain when additional funding will be available.

Therefore, once funding is exhausted (again, sometime around the end of April 2010…exact date is uncertain), no USDA loan in your pipeline with Gateway Mortgage Group LLC will be allowed to proceed.  All USDA loans in the pipeline will be placed on hold until additional funding for this program comes available.

J. Whitney Barth

VP Operations

Gateway Mortgage Group LLC

3/16/2010