USDA Rural Map Change Delayed

September 25, 2012 by Leave a Comment

reading the bibleWell, 25  ga-billion calls to Washington and NC USDA underwriting offices later asking about the USDA RD Map Changes, and we finally have an answer!

The delay was “officially” announced yesterday by the USDA Rural Development Single Family Housing Division – saying that unless they change their minds (which could happen – depending on what Congress does about the New definition of Rural) the 2010 Census maps changes will take place September 30, 2013

Here’s what we found as a notice by the Tennessee Office of the USDA regarding upcoming Map changes.

NOTICE: Rural Eligibility Requirements

At this time there is no change to program eligibility maps for USDA Rural Development loans, loan-guarantees and grants.

USDA Rural Development provides services targeted specifically to rural communities. The term rural is defined by law and varies by program based on a number of considerations, such as the program likely economic impact on rural communities and the availability of commercial or other alternative funding options.

By law, every decade the definition of rural is reassessed based on data from the latest US census. USDA will provide guidance concerning the impact of the latest census on eligible areas very quickly after Congress completes pending legislation that reauthorizes specific USDA Rural Development programs.

Until then, please continue to use the same Property Eligibility Maps for business location, housing or water & waste treatment programs… Seen Here [Read more...]

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NC USDA Home Loan Director Says Maps Change

August 16, 2012 by Leave a Comment

USDA no money down home loan We reported earlier that there are some SIGNIFICANT changes in the “definition” of Rural in North Carolina by the USDA Rural Housing Department.  With the passing of the Senate USDA Appropriations bill, S.2375 – it appeared that the decision to change the maps was “Grandfathered” until June 1, 2013. 

According to our conversation this morning with Barbara Beard-Hinton’s Office (she’s the Acting Director for USDA Rural Housing Service, Single Family Housing in North Carolina) they currently have a date of September 30, 2013 for the Maps to Change with the 2010 Census Data.

THIS IS A HUGE ISSUE IN NORTH CAROLINA!  We have 21 communities that will be affected by this change to the Maps.  Meaning you will no longer be able to use USDA No Money Down Financing in these areas when the maps change.

If you are considering a purchase in one of these communities, we strongly suggest that you be under contract by the end of January, 2013.  Why the rush?  USDA Loans are underwritten by our Bank, and then sent to the USDA office for them to underwrite again.  As we get closer to the September deadline – the underwriting times (which currently average 3 weeks) will likely take LONGER.

I would encourage ANYONE writing a contract in one of the affected areas to CALL US prior to entering into an agreement:

  • Belmont

  • Clayton

  • Eden

  • Fuquay-Varina

  • Hendersonville

  • Holly Springs

  • Hope Mills

  • Knightdale

  • Leland

  • Lenoir

  • Mebane

  • Morganton

  • Mount Holly

  • Murraysville

  • Newton

  • Piney Green

  • Reidsville

  • Smithfield

  • Summerfield

  • Tarboro

  • Wake Forest

We do a TON of USDA Home Loans in North Carolina.  As soon as a decision is made – we’ll update everyone.  Here’s a Link to the OFFICIAL Rural Indicators Information directly from USDA.  We believe that these markets will be adversely affected as fewer people are able to purchase using the No Money Down Home Loan option.  (Here’s the previous announcement!)

Please call Steve and Eleanor Thorne 919 649 5058, NC’s USDA Home Loan Experts.  Connect with us on Google+ or follow Steve on Twitter!

Filed Under: USDA Home Loans Tagged With: , , , , ,