Key facts
- Six new lenders will join the USDA's rural home loan pilot program starting December 1.
- The program delegates pre-closing approval requirements to participating lenders.
- The USDA offers a 90% loan guarantee for eligible rural home loans.
- The expansion is part of efforts to change requirements for federally backed rural housing loans.
The U.S. Department of Agriculture's Rural Development agency is expanding its Delegated Authority Lender Interactive Test Environment (LITE) Pilot Program by adding six new lenders. These lenders, including Bangor Savings Bank, Fairway Home Mortgage, New American Funding, PennyMac Loan Services LLC, Pulte Mortgage, and Union Home Mortgage Corp., will begin participating on December 1. The program allows approved lenders to take on the responsibility of closing USDA Single Family Housing Guaranteed Loans within federal guidelines, aiming to expedite the process for rural borrowers. This initiative is part of broader efforts by the Trump administration to adjust requirements for federally backed rural housing loans.