Greg Cowart on Zillow
Greg Cowart - Mortgage Broker or Lender at The Securus Group
Greg Cowart - Roseville Loan Guy

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USDA Update (important in Lincoln)

We’ve been waiting and waiting, for years now, for the USDA to change the maps of eligible areas for their popular 100% financing loan program.

Since the 2010 census data became available we’ve known it would be inevitable that the maps will change (and they have given us what the future map will look like, see below) removing Lincoln from the eligible area, but the date for this to happen continually comes and goes with no change.

The use of the future property eligibility maps has again been delayed until Congress passes the 2015 budget, so if your area is eligible on the current maps, it will remain eligible, but don’t ask for how long as no one knows that answer.  While you may see December 11th floating around as a date, that is just the date that congress must pass a new budget, vote for another Continuing resolution, or shut down the government.

Bottom line is there is still time to get into contract on a home in a currently eligible area that will no longer be eligible once the new maps take hold (such as Lincoln), but if you are thinking about it there isn’t much more time to make the move. Or is there? Anyone want to bet the move the deadline again?

CURRENT MAP

USDA Current Map

 

FUTURE MAP

USDA Future Ineligible

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