USDA Changes Effective October 1st, 2013

There are concerns in the real estate community that the USDA home loan program is going away in September of 2013.  This is not happening.  What is happening is the eligible area maps are being redrawn based on the 2010 census figures.  The current maps are based on the 2000 census information.  Changing to the 2010 census figures will cause some areas that have seen population gains over the last 10 years to no longer be eligible  for the USDA program.

More information will be forthcoming as we get closer to the date regarding the new eligible areas and what dates contracts have to be entered in or conditional commitments have to be issued by the USDA in order to fall under the current eligible areas.

Baxter Scruggs is a mortgage banker specializing in 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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2 Responses to USDA Changes Effective October 1st, 2013

  1. Good info. I don’t see this rule being implemented in September 2013

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