Yep, that is right. The city of Lincoln, Ca is still eligible for 100% USDA financing.
Over the last two years USDA was supposed to change their eligible areas based on the 2010 US Census but the date of the new map’s going into effect keeps getting pushed back. The most recent date for the change was Jan 16th, 2014 (it was also slated to change in October 2013, March 2013, and October 2012)…
What does this mean?
Well, it means if you want to buy in Lincoln, or any other city/area that will no longer be USDA-eligible once the new maps go into effect (Auburn being one of them), you now have until (at least) October 1st, 2014 to get into contract and have your lender get the application over to USDA.
For the map of eligible areas plug your subject address into this link on the USDA website and it will tell you if it is eligible or not (Lincoln, CA is 100% eligible as of the search I did today).
If you would like to lookup what the future map looks like, whether it changes on October 1st, 2014 or if they push it back again, it is right here…
If you would like any assistance or would like to get prequalified for a USDA loan please give me a call. In my opinion it is one of the best loans out there, if you want to buy in a USDA-eligible area of course. 100% financing is allowed, it is government-backed so rates are on the lower-end (similar to FHA and VA in most cases), but it does not have the huge UFMIP and annual Mortgage Insurance premiums like FHA does (that makes FHA such an expensive loan in comparison to most other loans these days).
Lets say you are looking in the Northern part of Rocklin but can’t find anything in that your price-range or down payment availability will allow you to qualify for. 12 Bridges is right there and you may be able to (subject to minimum income/asset/credit requirements) buy with a lower down payment, or even none at all.
Senior Mortgage Consultant – 18 Years Experience