Well, if you were looking for information about the USDA Home Loan Eligibility Map under “Farm Bill” or some other such heading – you missed it. Even Sen Burr and Sen Hagan’s Office told us this morning that there was no movement by the Committee working on the bill! Fortunately, that is not true. The Omnibus Spending Bill actually contains language that extends the USDA Home Loan Eligibility Maps through the end of September, 2014
UPDATE ON USDA Home Loans: Business as Usual! At least until October 1, 2014…
The Omnibus Spending Bill was approved by the Appropriations Committee. Fortunately for many folks in North Carolina, the Omnibus Spending Bill will extend the existing eligible areas for the remainder of the fiscal year (September 30, 2014).
It’s not a done deal yet. There’s currently a 3 day Continuing Resolution that will extend everything. The Resolution will prevent any funding gaps, and keep everything in PLACE until the Committee votes on this Spending Bill on Saturday.
The USDA Home Loan Eligibility Maps still refer to a change that could take place tomorrow – but again, we understand that the Omnibus Spending Bill will extend the changes to the USDA Maps until later this fall.
What’s so darn cool about the USDA Home Loan NC Program?
Well, the USDA Home Loan NC Program requires no down payment, and it has extremely low monthly costs for PMI. We believe that for the home buyer qualified for the program, it’s the best Mortgage Loan available today.
Is the USDA loan program limited to first-time buyers?
No, the USDA Rural Housing Program can be used by first-time buyers and repeat buyers. We’ve done several loans for folks who currently have a house (in Tennessee for instance) and get transferred to NC – meaning that when they buy in NC… they’ll have 2 houses. There are some ways for this to work.
The Program requires that Home Buyers be under the USDA Home Loan Income Limits for the County you are buying in, that you meet the credit and qualifying ratios, and the home be located within the USDA Home Loan Eligibility Map “footprint.”
What is the USDA Home Loan Eligibility Map?
To purchase a home with the USDA Home Loan program, the property must be located within the USDA Home Loan Eligibility Map “footprint.” Meaning it must be “officially” located within an area that USDA says is “rural.”
That’s been the issue for the USDA Home Loan NC home buyers – Maps were scheduled to change at midnight. If you are considering a USDA no money down home loan, call Steve and Eleanor Thorne 919-649-5058. We can help you find out if your income qualifies for the program in your county – and if the property you have your heart set on is within the USDA Home Loan Eligibility Map “Footprint!”
In North Carolina, the following areas are scheduled to see changes, when the USDA Home Loan Eligibility Maps move to the 2010 Census Tract: