This state has grown Soooo much, that when the 2010 Census maps were drawn up, and analyzed, it showed that 21 Communities in NC was scheduled to lose the opportunity to get mortgage loans approved using the USDA Home Loan Program.¬† When are the USDA Home Loan Map Changes In NC going into effect? … starting September 30, 2013.¬†
Congress passed the Senate USDA Appropriations bill, S.2375 which included a grandfathering provision.¬† The provision is for places that have gained population and would otherwise become ineligible for USDA Home Loans.¬† This bill would keep them eligible through the end of June 1, 2013 – and while the Senate passed their “part” of the legislation, the House has NOT.
Because there’s been no “complete” decision by Congress, USDA Rural Development Single Family Housing¬† Announced that it will put the new maps in place on September 30, 2013.¬† Many areas in NC will loose eligibility for USDA Home Loan financing, when the updated Census Data is put into place.¬† The current proposed List includes:
- Holly Springs
- Hope Mills
- Mount Holly
- Piney Green
- Wake Forest
The folks in these areas need to be aware of this coming change – because it will likely make it more difficult for some people to purchase homes there!
USDA offers 100%, no money down home loans designed for folks who have pretty good credit, good jobs, and want to live in more “rural” areas of NC.¬† I think it’s a great place – but frankly, I’ve never thought of Tarboro, or Belmont (for instance) as huge Metropolitan areas – so I was surprised!
View the State of North Carolina USDA Eligibility Map Changes – we put together a TON of information and maps from across the state you can view.
There are two things to remember when looking for information about this Map Change.¬† The Communities listed above would lose USDA “eligibility” because of the growth in their town, or area.¬† For many areas, this is THE mortgage program of choice, and it’s why certain subdivisions in Holly Springs and Wake Forest (for instance) have been so popular!¬† In other words these areas, if not grandfathered back, have 2010 Census numbers that kick them out of having USDA Loans.
The SECOND “tier” of communities that would lose USDA Home Loan eligibility are the towns and subdivisions that could be part of the new definition of Rural.¬† Under that “broader” definition change (that Congress has to tackle) almost one third of NC Loses eligibility for USDA Home loans!
We recently did a¬†comparison¬†of all of the No Money Down Home Loans in NC, and we still think USDA Home Loans are the best program available – for the folks who want to live in a Rural part of our state, and who qualify!
If you are looking for a USDA Home Loan in North Carolina, or if you have questions about¬†USDA Home Loan Map Changes – call Steve and Eleanor Thorne!¬† 919 649 5058 – we know the USDA Home Loan program requirements, and we can help you get pre-qualified to buy your dream home in NC!