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
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.
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.
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!