New data from the 2010 Census will cause changes to the USDA home loan program effective no sooner than March 27, 2013. Both eligible areas and income limits will be affected by data from the last census and from the American Community Survey. Until March 27, 2013, existing eligible areas and income limits will remain in place.
Here is an excerpt from the announcement from USDA:
“Usage of the 2010 Census and ACS data when determining population and income eligibility ensures that program funds are utilized in accordance with program statues. Complete applications on hand as of March 27, 2013, may proceed using 2000 Census data provided that written determination of eligibility and evidence of all documents necessary to be deemed complete exist, and that the application can be obligated no later than September 30th, 2013. This does not apply to applications on hand where the applicant is eligible as the result of legislative provisions that expire upon receipt of the next decennial census”
For more information, contact a USDA approved lender in your state.
Baxter Scruggs is a mortgage banker specializing in USDA loans in California, NMLS #156370. He can be reached at firstname.lastname@example.org, 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