Proposed Reduction In USDA Eligible Towns In Connecticut

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

USDA recently announced that due to the 2010 Census, a number of towns that were previously eligible for funding, are no longer eligible.  USDA is proposing that the reduction of towns go into affect on October 1, 2012.  Below is the present USDA Map for Connecticut, and the green areas are all the towns that are presently eligible for USDA Mortgages.

The Proposed Reduction In USDA Eligible Towns In Connecticut is significant.  USDA is proposing that 33 Connecticut towns be eliminated from the present eligible towns for USDA Mortgages.  Below is a chart with the Proposed Reduction In USDA Eligible Towns In Connecticut.

 

 

The New Proposed Reduction In USDA Eligible Towns will impact all states on October 1st.  As hard as the new proposed reduction in towns is impacting Connecticut, there are States that will be impacted far harder, like Jew Jersey, and Massachusetts.  

If you are interested in seeing how the new proposed reduction in USDA eligible towns impact your state just click on this link.  With all the towns that are being reduced across the country, USDA funding will most likely last much longer.

I for one am not happy with the Proposed Reduction In USDA Eligible Towns In Connecticut, but like with all the other changes that the Mortgage Industry has gone through in recent years, we will adapt to this one as well.

 

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & a #FL Licensed Lender who can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

Comments (8)

Jamie R. Bell
Bell Realty Group at Berkshire Hathaway HomeServices NEP - Glastonbury, CT
Your Central CT Realtor

Wow, Colchester, East Hampton & Coventry.... really not rural. I have not done many USDA loans but the one I did was in Colchester and worked out beautifully for my buyer. It's getting harder and harder to answer the question are the banks still lending? They continue to make so many changes that make it harder and harder for buyers to get a mortgage.

When I got my mortgage I had to explain a deposit for $1,000 now my buyers have to explain all deposits over $300 not looking good.

As always thanks for sharing the information.

Sep 24, 2012 09:25 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I just sent you mail on this.

 

 

Sep 24, 2012 09:51 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

George, this is significant...i am wondering about RI do you have any information on where I can find out this info...i'm going to the USDA web site right now...good share!

Sep 24, 2012 10:10 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jamie, the money is there to lend but the guidelines and documentation has gotten much tighter then it use to be.

Lenn, I just responded back to you.  Thank you and  I hope Brian is right.

Ginny, if you click on the link that I provided it will take you to the list with the proposed changes.  These are proposed changes, so let's pray that they change their minds at the last minute and not go through with them.

Sep 24, 2012 10:29 PM
Peggy Chirico
Prudential CT Realty - Manchester, CT
REALTOR® 860-748-8900, Hartford & Tolland County Real Estate

Thanks for the information, George. Quite a few of the towns I serve are on your list.

Sep 25, 2012 01:18 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Peggy these are proposed changes, they have not been formally made, but I wanted to give a heads up on what could happen in the near future, especially since their fiscal year is October 1st.  Let's keep our fingers crossed that this some how does not get finalized.

 

Sep 25, 2012 01:45 AM
Nick T Pappas
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

George, I'm trying to stay current with USDA because I have 4-5 clients that want to purchase property that way and I've found the same as you that former areas are no longer eligible.  I actually expected it though because of all the building going on expanding metro areas.

Sep 25, 2012 07:38 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nick the proposed reduction in towns is not official, but if the population rose beyond 10,000 in a town, then it may be eliminated.

Sep 25, 2012 09:27 AM