Despite the “Sequester” the Senate and House are quietly passing pieces of legislation that could HELP housing! I’m specifically talking about the continuation of the USDA 2013 budget last week, which is now just waiting for the President to sign it. With that signature, the legislation will KEEP the current USDA designated eligible areas IN PLACE for a while longer. That means that USDA Home Loan map changes are delayed until September 2013 giving everyone a little more breathing space!
Even though there is a push to change the definition of Rural, this delay will give Congress more time to consider H.R. 858, the Rural Housing Preservation Act. This Act carries a provision for any “area that has a population of between 10,000 and 25,000, is rural in character, and has a serious lack of mortgage credit for lower and moderate-income families.”
For First Time Homebuyers in NC, this is WONDERFUL news. With the changes to USDA Home Loan Maps now scheduled to go into effect on September 30, 2013 - 1/3 of North Carolina LOSES the ability to offer USDA Home Loans!
The H.R. 858 bill will extend the current USDA Home Loan boundaries until 2020.
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 – 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!