Just received this USDA Home Loan Map Changes in NC update – The Senate passed the USDA Bill, the House needs to include Grandfather language in order for the Maps to remain in place through January 15, 2014.
Most loan officers are not familiar with the USDA Loan Program – which is a shame, because it’s one of the best No Money Down Home Loans available in NC!
We get “Rural” really fast in NC… one minute you’re in a neighborhood – the next you can wake up to the sound of Roosters!
If you’re interested in living in a home with a larger lot – and a little less “Urban” this might be the program for you!
If Congress does not pass the provision (below) QUICKLY) then many people who want to use this program will be out of luck. There is an expected “definition change” about what RURAL means… and based upon most recent Maps of North Carolina… places like Tarboro, Holly Springs and Clayton would no longer qualify come January 16, 2014.
Additionally, the USDA Underwriting Turn Times in North Carolina are such that if you wrote a contract TODAY you might have trouble getting a USDA loan closed PRIOR to January 15th! It’s taking AT LEAST 14 days to get through the NC USDA Underwriting process (because they lost 19 positions earlier this year with budget cuts).
I would encourage ANYONE writing a contract in one of the affected areas to CALL US prior to entering into an agreement. Especially if you are in one of the Targeted areas!
August 16, 2012
Dear Rural Advocates,
49 Cosigners! In less than one week, we doubled the number of cosigners to Rep. Fortenberry’s letter to House Leadership, urging them to address the “rural” definition issue in the Continuing Resolution. And, now that Rep. Fortenberry has decided to extend the deadline for Representatives to sign on to August 31, we have even more time to build Congressional support for this issue.
Please, continue to call your Representatives and ask them to cosign Rep. Fortenberry’s letter! Not sure who to call? Check out our list of Congressional targets!
Those that have already signed on include:
Reps. Amodei (NV), Baca (CA), Bonamici (OR), Boren (OK), Boustany (LA), Canseco (TX), Capito (WV), Capps (CA), Carney (DE), Cassidy (LA), Castor (FL), Cicilline (RI), Costa (CA), Courtney (CT), Crawford (AR), DeFazio (OR), Filner (CA), Garamendi (CA), Gosar (AZ), Griffith (VA), Grijalva (AZ), Guinta (NH), Hinojosa (TX), Hirono (HI), Hochul (NY), Holt (NJ), Keating (MA), Langevin (RI), Larsen (WA), LoBiondo (NJ), Luetkemeyer (MO), Manzullo (IL), Matheson (UT), McGovern (MA), McIntyre (NC), McNerney (CA), Michaud (ME), Pearce (NM), Pingree (ME), Platts (PA), Reyes (TX), Ross (AR), Runyan (NJ), Ryan (OH), Schilling (IL), Shuster (PA), Thompson (CA), Thompson (MS), and Young (AK)!
Thank you for your advocacy!
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This is an important issue in North Carolina because 21 Communities could LOSE USDA Home Loan Financing. We encourage you to contact your Congress Representative and ask them to PASS this resolution!
Have questions about USDA Home Loans? They are no money down mortgage loan programs that benefit every county in NC. Call Steve and Eleanor Thorne 919 649 5058, NC USDA Home Loan Experts. We do a TON of USDA loans, and we KNOW the guidelines, and the turn times here in NC. If you are reading information on other sites… it might not be targeted with information specific to our State!