usda loans: USDA Rural Areas may be changing
- 03/28/23 09:10 AM
USDA announced it is reviewing the Rural Areas, It appears that in NJ we may lose a few eligible areas. Every 5 years USDA does a review and adjusts the designated areas of eligibility. Why is this important? USDA is one of the BEST ways to purchase a home with no down payment. There are geographical restrictions and income limits, but at the end of the day- they are reasonable and offer buyers an option for a great market interest rate and No PMI, just an inexpensive Guarantee fee that is a fraction of typical Mortgage insurance. In NJ these are the areas we … (4 comments)
I just received an email from the USDA today, 9/2/14, confirming the changes in eligible areas as of 10/1/2014. For Monmouth and Ocean Counties USDA loans are no longer available in the following towns: · Berkeley Township · Freehold Township · Howell Township · Jackson Township · Lakewood Township · Manalapan Township · Manchester Township · Marlboro Township · Toms River From what we can tell, the changes will not be as bad as the initial “Future Maps” had shown and we will still have large areas that will remain eligible locally. Verbally … (2 comments)
January 24, 2014 Census Eligibility Maps Barring Congressional action, USDA will begin using 2010 Census data to determine eligible rural areas for Rural Development housing programs on October 1, 2014. Changes to eligible areas can be viewed by selecting the applicable program listed under “Future Eligible Areas” at http://eligibility.sc.egov.usda.gov. NOTE: Complete applications received prior to October 1, 2014, will continue to use the existing eligible rural area definitions based on 2000 Census data.
The above is the official USDA announcement that is hot off the presses. In English: We still have the USDA program to … (4 comments)
The USDA has been very quiet, but looming in the near future is a big change that will basically eliminate the program for much of NJ. The USDA is a GREAT option for buyers. Not only does it allow no money down, but it allows it at market rates with a guarantee fee that is a fraction of the cost of an FHA loan. (You can view maps here: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do) As of March 27th these maps will change based on the implementation of the 2010 census data.In English: … (17 comments)
USDA announced it is reviewing the Rural Areas, It appears that in NJ we may lose a few eligible areas.
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