Well, 25 ga-billion calls to Washington and NC USDA underwriting offices later asking about the USDA RD Map Change, and we finally have an answer!
The delay was “officially” announced yesterday by the USDA Rural Development Single Family Housing Division – saying that unless they change their minds (which could happen – depending on what Congress does about the New definition of Rural) the 2010 Census maps changes will take place September 30, 2013
Here’s what we found as a notice by the Tennessee Office of the USDA regarding upcoming Map changes.
NOTICE: Rural Eligibility Requirements
At this time there is no change to program eligibility maps for USDA Rural Development loans, loan-guarantees and grants.
USDA Rural Development provides services targeted specifically to rural communities. The term rural is defined by law and varies by program based on a number of considerations, such as the program likely economic impact on rural communities and the availability of commercial or other alternative funding options.
By law, every decade the definition of rural is reassessed based on data from the latest US census. USDA will provide guidance concerning the impact of the latest census on eligible areas very quickly after Congress completes pending legislation that reauthorizes specific USDA Rural Development programs.
Until then, please continue to use the same Property Eligibility Maps for business location, housing or water & waste treatment programs… Seen Here
Based upon what they’ve said, we are continuing to take USDA loans, and we are continuing to submit USDA Home loans to the NC Underwriting office. Yippee!
Why is everyone so excited about USDA Home Loans?
- No money down loan for homes available in every NC County
- Easy qualifying – minimum credit scores range between 620 and 640
- MCC available to give homebuyers additional Tax Credits
- Low Closing Costs and very low mortgage interest rates
- Low PMI rates, especially when compared to FHA
Once the FINAL decision is made to change the USDA Rural Maps – almost 1/3 of North Carolina could be affected, and many communities could lose the ability to use USDA Home Loan financing.
If you have other questions about USDA Home Loans, or qualifying for a home in NC, or the USDA Rural Map Change, please call Steve and Eleanor Thorne 919 649 5058 – we do tons of USDA loans, and will be glad to help! Connect with us on Google+ or Twitter!
I try and answer all questions :)