Zoning Changes to USDA Home Loans

Anyone on the fence about buying a home with a USDA loan might want to decide before autumn arrives, which is a turn of the calendar page away.

Any application for a USDA guaranteed loan that is not completed before the end of business on Sept. 30, 2013, will not be processed with data from the 2000 U.S. Census. They will be subject to the 2010 census.

This is important because some places that are currently eligible for a USDA loan will not be once October gets here.

The government maps out boundaries based off of census data. Homes that fall within certain areas are deemed eligible for a USDA loan. These zones get updated over time with data taken from the recent census. Right now, there is plenty of land in Hillsborough County that qualifies for this mortgage product.

USDA loans with applications received before the end of business on Sept. 30 must also close by the end of business on Dec. 31. Furthermore, all documents and any written determinations of eligibility must be verified.

If a loan cannot close by the end of the year, concurrence must be obtained from the appropriate agency’s administrator to continue with processing that utilizes 2000 census data.to exist by the same New-Year’s-Eve deadline.

If you have questions about this, call 813-707-6200, and my team will be glad to go over this with you. You can check a property’s eligibility by clicking here.