New USDA Eligible areas to go into effect February 1, 2015

Finally after numerous starts and stops, the new USDA maps for eligible areas will be going into effect February 1st, 2015.  The new areas will reflect USDA’s new definition of “rural” and will be based off of the 2010 census numbers. (refinancing USDA loans with a new USDA loan will remain exempt from the new eligibility maps).

To search the eligible map areas effective February 1st, click here eligible areas.

Here is the actual release from the USDA:

December 22, 2014
Amended Future Eligibility Maps – Determining Property Eligibility by Application Date
On December 16, 2014, President Barack Obama signed into law H.R. 83, the Consolidated and Further Continuing Appropriations Act, 2015 (Act), which provides fiscal year 2015 full-year appropriations through September 30, 2015, for all agencies except the Department of Homeland Security.  With the signing of this Act, Rural Development will implement the eligibility maps in accordance with the Agricultural Act of 2014, Pub. L. 113-79 (“Farm Bill”) on February 2, 2015 with the following exceptions:·         Because of the continuing re-examination of the “rural in character” policy, RD will continue its current policy regarding “rural in character” for the purposes of determining eligible rural areas.·         The Act further provides that applicants in communities that have a current rural area waiver under section 541 of the Housing Act of 1949 (42 U.S.C. 1490q) shall be treated as living in a rural area for purposes of section 502 guaranteed loans.  This means that the area of Tuscaloosa, Alabama will continue to be considered rural through September 30, 2015 for 502 guaranteed loans, even if their disaster waiver expires during the year.

 

While the reclassifications will largely involve areas going from rural to non-rural, areas that should have been made eligible during Phase 1 on May 6, 2014, but were missed will now receive the proper classification.

 

Thus, the ineligible area maps based on the above classifications will be effective on February 2, 2015.  The changes will be those already published on the “Future Eligible Areas” maps posted on the Eligibility website.

 

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705, or toll-free at 877-347-0004, ext. 226. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

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Eligible area changes delayed – again

Here we go again in Washington.  The fourth time it has been delayed.Implementation of New Rural Area Ineligible Area Maps Delayed!
 
On September, 19, 2014, “Continuing Appropriations Resolution, 2015,” (Public Law 113-164) was signed by the President.  The continuing resolution extends a current general provision regarding housing program eligibility.   This means that if a community is eligible today, they will remain eligible under the continuing resolution.  Barring further Congressional action, RHS will delay implementation of the revised rural area maps based on the changes to the rural area definition as revised in the Agricultural Act of 2014 (Pub. L. 113-79).  During the continuing resolution and as provided in the FY 2014 Appropriations Act (P.L. 113-76), RHS will not reclassify any area eligible for rural housing programs on September 30, 2013 as not eligible for such programs.  The “Future Eligibility Maps” are posted on the Eligibility Website.   Questions regarding this notification may be directed to the Single Family Housing Guaranteed Loan Division at 202.720.1452. 

 Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705, or toll-free at 877-347-0004, ext. 226. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

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Fallbrook, CA – 100% Financing Available

Attention Homebuyers,

Are you looking to purchase a home in Fallbrook, California, and you are finding it difficult to save for a down payment?  If so, you may be eligible for the USDA, zero down payment home loan program available in that area.

Benefits of this program include:

Zero down payment.

No Loan Limits (minimum sales price $150,000).

You do not need to be a first time home buyer (there are limitations if you presently own another home).

Seller can pay closing costs.

The USDA program is available in many other surrounding cities.

If you would like more information on how this program may help you get into your next home, please contact me at the numbers or email below for more information.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705, or toll-free at 877-347-0004, ext. 226. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

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Thermolito, CA – 100% Financing Available

Attention Homebuyers,

Are you looking to purchase a home in Thermolito, California, and you are finding it difficult to save for a down payment?  If so, you may be eligible for the USDA, zero down payment home loan program available in that area.

Benefits of this program include:

Zero down payment.

No Loan Limits (minimum sales price $150,000).

You do not need to be a first time home buyer (there are limitations if you presently own another home).

Seller can pay closing costs.

The USDA program is available in many other surrounding cities.

If you would like more information on how this program may help you get into your next home, please contact me at the numbers or email below for more information.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705, or toll-free at 877-347-0004, ext. 226. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

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Taft, CA – 100% Financing Available

Attention Homebuyers,

Are you looking to purchase a home in Taft, California, and you are finding it difficult to save for a down payment?  If so, you may be eligible for the USDA, zero down payment home loan program available in that area.

Benefits of this program include:

Zero down payment.

No Loan Limits (minimum sales price $150,000).

You do not need to be a first time home buyer (there are limitations if you presently own another home).

Seller can pay closing costs.

The USDA program is available in many other surrounding cities.

If you would like more information on how this program may help you get into your next home, please contact me at the numbers or email below for more information.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705, or toll-free at 877-347-0004, ext. 226. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

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Paso Robles, CA – 100% Financing Available

Attention Homebuyers,

Are you looking to purchase a home in Paso Robles, California, and you are finding it difficult to save for a down payment?  If so, you may be eligible for the USDA, zero down payment home loan program available in that area.

Benefits of this program include:

Zero down payment.

No Loan Limits (minimum sales price $150,000).

You do not need to be a first time home buyer (there are limitations if you presently own another home).

Seller can pay closing costs.

The USDA program is available in many other surrounding cities.

If you would like more information on how this program may help you get into your next home, please contact me at the numbers or email below for more information.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705, or toll-free at 877-347-0004, ext. 226. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

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Hollister, CA – 100% Financing Available

Attention Homebuyers,

Are you looking to purchase a home in Hollister, California, and you are finding it difficult to save for a down payment?  If so, you may be eligible for the USDA, zero down payment home loan program available in that area.

Benefits of this program include:

Zero down payment.

No Loan Limits (minimum sales price $150,000).

You do not need to be a first time home buyer (there are limitations if you presently own another home).

Seller can pay closing costs.

The USDA program is available in many other surrounding cities.

If you would like more information on how this program may help you get into your next home, please contact me at the numbers or email below for more information.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705, or toll-free at 877-347-0004, ext. 226. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

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