USDA Rural Development Single Family Housing announced late yesterday that they are going to delay implementing any map changes until late March, 2013.
This is GREAT NEWS for folks who are interested in purchasing a home in one of the 40 plus areas of North Carolina that could lose the ability to qualify for USDA Home Loan Financing.
USDA No Money Down Loans really have two parts to the qualifying process. The property must be within the USDA Loan “Footprint,” and the household income can not be more than the limits for that County.
In an effort to update the USDA “Boundaries” (footprint) to match the new census data, over 20 communities in North Carolina grewto the point that they no longer meet the current definition of Rural. In addition to that, some areas might be “re-classified” making almost one third of North Carolina ineligible for USDA Home Loans.
USDA Loan requirements are fairly straight forward. Credit scores need to be above 600 (in some cases you will need a 640), you must meet the Income Requirements for your area, and if you have Student Loans, you need to know how USDA underwriters will treat the type of Student Loan you havein calculating your ratios.
If you are considering a new home purchase in North Carolina, please call Steve and Eleanor Thorne 919 649 5057. We do tons of USDA Home Loans in NC, and we’d love to help you before these changes go into place!
Originally Posted at NCFHAExpert.com
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