We just received the “Official” word from USDA Home Loan Rural Development office that the proposed changes to the USDA Home Loan Maps are delayed until September 30, 2013.
The way we read the document, this is our “30 day notice” that as of the end of Business on September 30, 2013 – the map changes will go into effect. You must be fully approved as eligible under “today’s” guidelines by then.
On it could be a brand new deal for USDA Home Loans in NC!
It’s a great program for those seeking mortgage loan financing in a non-metro area of NC. The 3 basic requirements are that you have pretty good credit (640 is ideal), that the home is in an “Eligible Area” and your household income must be below the maximum level set for that County / Area.
View the USDA Eligibility Map Changes Scheduled for NC October 1 , 2013
Congress is considering two bills that would both extend the 1990 Census “footprint” for eligible areas until 2020. They differ on what population SIZE the community needed to be in the 2010 Census to qualify for the extension.
Our suggestion is that you begin TODAY working on your specific pre-qualifications for the program! Do not WAIT until August to find a house! With the latest “scare” that maps would change, underwriting times were as long as 30 days! The system is simply not built for that kind of stress, and changes to the USDA Home Loan Maps will affect almost 1/3 of North Carolina!
Want to see how much you can qualify for, and get info on the BEST mortgage rates Available? Call Steve and Eleanor Thorne 919 649 5058 – find us on Facebook – add us to your Circles on Google + / we want to connect and find out how the housing market looks in YOUR corner of NC!
I try and answer all questions :)