Here’s the USDA Home Loan Map Change update we just received from the NC USDA RD Office. It confirms that while nobody really knows the final outcome of the map change, the pressure to have loans submitted and approved by USDA prior to the end of March is off. READ: The USDA home loan map change could be extended past March 27, 2013.
UPDATE: The Continuing Resolution for FY13 Budget means the change could be delayed until September 30, 2013.
From: Vital, Connie – RD, Raleigh, NC [mailto:Connie.Vital@nc.usda.
Sent: Tuesday, March 05, 2013 11:09 AM
To: sthorne@mortgages.rcbna.com
Subject: RE: eligibility map changes
The National Office is not giving us any defined direction to date. But when you pull the procedure on changing the eligibility line, the government must give public notice 30 days in advance. And since we did not sent out a public notice on 2/27/2013 and can very strongly say the new eligibility lines will not go into effect on 3/27/2013.
Connie V. Vital |SF- Housing Specialist
Rural Development
US Department of Agriculture
4405 Bland Road, Suite 260 |Raleigh, NC 27609
Phone: 919-873-2064 | Fax: 919-873-2004
www.rurdev.usda.gov
What’s Our Advice??
The USDA Office notified all on September 25, 2012 that they would go forward with map changes, barring any changes from Congress. Well, Congress has us in a Sequestration – so THAT doesn’t seem positive!
We have a pretty good idea where the “footprint” for USDA is going to eventually play out for MANY areas in NC. However, we still don’t know where those map changes will be for areas like Smithfield, Lumberton and Gibsonville. Based upon the information from Ms. Vital – we believe that we will receive a 30 day notice, once those specific details are worked out.
View the USDA Eligibility Maps That Change Across NC on
So our advice is WRITE A CONTRACT if you are interested in purchasing a home in one of the potentially affected areas in NC! (does that sound like I’m saying “Dugh?” Because when you call us, we are going to tell you pretty quickly why this loan is SOOOOOOO much better than FHA!)
If you have questions about OTHER no money down programs available in NC, please call Steve and Eleanor Thorne 919 649 5058 – we do many no money down loans, and offer today’s best rate! Connect with us on Facebook or G+ for updates!
Thank you for all of the information in reference to the USDA map changes. I am in the process of purchasing a home using the USDA loan and the information provided here has been very beneficial. I check the USDA website for NC (which is not very useful) and I could not find any information about the current processing time for new application. Many other states list this information on their USDA state level website. Do you know what the current USDA underwriting processing time is for NC?
Thanks
Renee
Renee! Thanks! Last March, NC went to a “centralized” underwriting system for USDA. So we send the loan to Raleigh, and they send it to the Underwriter with the fewest number of loans in their pipeline. The Current turn times for our deals average 10 business days.