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 2020.
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 kept these communities eligible through the end of August in 2014. AFTER THAT MOMENT… USDA Home Loan Maps in North Carolina have slowly been changing each year as new census data is released.
The BIG change though, the one that updates us from 2010 to 2020 will be an impressive set of changes for NC communities that rely on the USDA Home Loan Program. Many areas in NC will lose 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 the small town in NC are wonderful, but frankly, I’ve never thought of Tarboro, or Belmont (for instance) as huge Metropolitan areas – so I was surprised! This change is suppse to target large “Metropolitan areas.
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! The Metropolitan areas around our state, like Raleigh and Charlotte, have certainly grown to the point that if we were using current ceensus maps, they would not qualify for the USDA Home Loan program.
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!