I want to re-confirm with everyone that USDA is about to run out of money. 
When that happens, regardless of your loan status, we (Gateway Mortgage) cannot move forward until funds at USDA are replenished. 

 

If you have a conditional commitment then funds have been slotted for your loan.  However if the loan has been processed, underwritten…etc and a conditional commitment is NOT in the file we will be unable to fund the loan until additional funds are granted for fiscal year 2010. 

 

Please make your clients/borrowers aware of the situation with USDA and Gateway’s policy AND please plan accordingly. We will be unable to make any exceptions to this. 

 

Thank you

 

Steve Peters

Gateway Mortgage Group LLC
5/11/2010