We just received the updated maps for Holly Springs, NC that show the probable map changes to the USDA Home Loan Footprint. The Maps are currently scheduled to change on . The changes are mandated because the Census maps for the area changed dramatically in 2010, and the area is no longer considered Rural. Holly Springs USDA Map Changes will cause at least 12 neighborhoods to lose eligibility for the program.
There is a push in Congress to reverse all of this, and change the definition of Rural, with the consideration of 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.”
In our estimation, if it passed about 40% of the changes currently slated to go into effect in January might be delayed in NC.
It’s not just Fuquay Varina and Holly Springs, many areas in NC will no longer be eligible for USDA Home Loan financing effective January 15, 2014. Cass Holt Road in Holly Springs is one of the “defining” landmarks. If you are purchasing a home on the “Fuquay” side of the road, it might fit in the pocket that qualifies. Honeycuctt Road in Holly Springs is another defining road that determines what homes are eligible for USDA Home Loan financing – and the ones that are not eligible after October 1st.
The top map image shows the FUTURE Fuquay Varina NC and Holly Springs NC general USDA Eligibility areas. The “pink” shaded areas will not be eligible effective December 1st. The bottom map is a close up of the eligible area near Little Beaverdam and Alexander Woods seen in the top image. This area is just South of Holly Glen in Holly Springs. Want to see the Eligibility map changes for other parts of NC? We put together an entire series of maps to help understand the entire change.
Those who are interested in purchasing a home in an area that might lose their eligibility are encouraged to act SOON. USDA Home Loans in NC are underwritten at least 3 times – one of those requires that the documentation go TO USDA. Turn times this fall for USDA Underwriting are at times 21 business days… so plan on this being a drawn out process. (here are some tips for getting your USDA Home Loan underwritten quicker)
We will still be able to offer the NC First Time Homebuyers Program in these areas. That program allows for an 3% forgivable down payment grant. It requires a middle credit score of 640 and a down-payment for FHA loans of 3.5%.
More Information on USDA Loans Holly Springs Map Changes, and USDA Frequently Asked Questions please call Steve and Eleanor Thorne, 919 694 5058 we do TONS Of USDA home loans in NC. We know what works in North Carolina, and we help people here buy their dream homes every single month! We offer Today’s Lowest Mortgage Rates!