Updated List of Communities Affected By USDA Loan Change

NC is facing a HUGE Real Estate problem – and very few people seem to realize it!  One of the programs MOST used by buyers to purchase homes in North Carolina is the USDA Home Loan program.  It’s a 100% loan – no money down, and it has a very very low monthly PMI fee (when compared to FHA or Conventional financing).  We are including an updated List of Communities affected by the USDA Loan Change

Congress has asked for an update to what is considered “Rural.”  With that request, carries the possibility for a massive change in the USDA Home Loan program, as towns that have grown “near” a MSA Designated area would no longer be eligible for USDA Loans.

The list below is expanded from the list that only shows those areas that saw population growth between the 2000 and 2010 Census data to reflect the FURTHER changes based upon the new definition of “Rural.”  Congress needs to pass a bill resolving the issue.  The Senate passed a resolution keeping everything (including the 2000 Census Map) until June of 2013 – but the House didn’t pass this rule.

Because there’s no clear direction on the “New Definition of Rural” the USDA Director announced that “some kind of change” could go into effect on September 30, 2013.  If you have questions about purchasing a home using the USDA Home Loan program in NC – call Steve and Eleanor Thorne, NC Mortgage Loan Experts 919 649 5058

Ineligible Places Due 2010 Census ‐ DATA IS PRELIMINARY, DRAFT AND SUBJECT TO CHANGE