USDA Rural Development Loan News - Eligibility Map Changes Postponed

By
Real Estate Agent with Southern Homes of The Carolinas - The Powell Team NC License# 202938
 
UPDATE May 30, 2014
For more that 2 years USDA has been setting and then postponing the
implementation date for USDA Rural Development property eligibilty maps to change.  The change is part of an effort to re-define the definition of "Rural" and when it is finally implemented it will affect almost 1/3 of North Carolina, including popular currently eligible areas such as Mooresville, Mount Holly and parts of Concord.  At this time USDA Rural Development Eligibility Maps are scheduled to change on October 1, 2014. 
 
NOW is the time to act if you would like to take advantage of this wonderful loan program offering NO MONEY DOWN and Mortgage Insurance that is MUCH lower than FHA Mortgage insurance.
 
Original Blog Post Dated April 7, 2013
Charlotte area Realtors have been dreading the upcoming changes to USDA Rural Development eligibility maps since it was announced last year. Several areas that have been USDA eligible for many years were slated to become ineligible as of March 27, 2013. These areas include Mooresville, Mount Holly, part of Concord and other popular USDA financing areas. However, we've just been given a reprieve!

March 22, Congress passed the FY13 Continuing Resolution that contained a specific provision extending eligibility for all rural communities that are currently eligible for USDA Guaranteed and Direct Home loans until September 30 of this year. The planned re-drawing of USDA Rural Development loan eligibility lines would be based on the 2010 Census population date. Currently, eligible areas are based on 2000 Census population data.

Rural advocates have proposed H.R. 858, the Rural Housing Preservation Act, which would extend the current boundaries until 2020. I'm hopeful that this will happen, because the recovering real estate market needs all the help it can get!

For more information about USDA Rural Development home loan programs, click the following links to view my previous blog posts on the subject.

USDA Rural Development Home Loans

USDA Rural Development DIRECT Loans - Subsidized Payment Loan Program

Contact me anytime to discuss your real estate needs.

Cheryl Powell- The Powell Team- Remax Executive Realty

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Topic:
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Groups:
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REMAX North Carolina
Cabarrus County North Carolina...The Racing Side of Charlotte
Special Mortgage Programs & Down Payment Assistance Programs
USDA Rural Development Loan Group
Tags:
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rural development
north carolina
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100 financing
no downpayment
usda eligibility
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Rainer
258,596
Darren Copeland
Leader One Financial - Lee's Summit, MO
Darren Copeland

and yet again another postponement of the changes they're 'going to make;' great blog to keep on top of this ever-changing(ish) issue! ;)

Jun 03, 2013 03:51 AM #1
Ambassador
1,986,313
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Cheryl, if the map changes are IMO,emerged later this year, much of our area will no longer be eligible.  Buyers should hurry to take advantage if this great lending program.

Jun 29, 2014 08:57 AM #2
Rainmaker
322,804
Cheryl Powell - The Powell Team
Southern Homes of The Carolinas - The Powell Team - Harrisburg, NC
Concord,Harrisburg & Charlotte NC Area Real Estate

LOL Darren! 

Jun 29, 2014 02:38 PM #3
Rainmaker
322,804
Cheryl Powell - The Powell Team
Southern Homes of The Carolinas - The Powell Team - Harrisburg, NC
Concord,Harrisburg & Charlotte NC Area Real Estate

VERY true Silvia!  Eligible areas will be dramatically decreased in our area as well, so the time for buyers to act is now!

Jun 29, 2014 02:40 PM #4
Rainmaker
3,983,763
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

It seems like changes have to happen in order for a few upper managment to show they are doing something to warrent their jobs.

That includes here in the rain.

Jul 29, 2014 09:33 AM #5
Rainmaker
322,804
Cheryl Powell - The Powell Team
Southern Homes of The Carolinas - The Powell Team - Harrisburg, NC
Concord,Harrisburg & Charlotte NC Area Real Estate

LOL William!  In this case I wish that upper management would quit working all together and postpone the changes until the next census.  :-)

Jul 30, 2014 03:56 AM #6
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Rainmaker
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Cheryl Powell - The Powell Team

Concord,Harrisburg & Charlotte NC Area Real Estate
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