UPDATE May 30, 2014
For more that 2 years USDA has been setting and then postponing the
implementation date for USDA Rural Development property eligibilty maps to change.  The change is part of an effort to re-define the definition of "Rural" and when it is finally implemented it will affect almost 1/3 of North Carolina, including popular currently eligible areas such as Mooresville, Mount Holly and parts of Concord.  At this time USDA Rural Development Eligibility Maps are scheduled to change on October 1, 2014. 
 
NOW is the time to act if you would like to take advantage of this wonderful loan program offering NO MONEY DOWN and Mortgage Insurance that is MUCH lower than FHA Mortgage insurance.
 
Original Blog Post Dated April 7, 2013
Charlotte area Realtors have been dreading the upcoming changes to USDA Rural Development eligibility maps since it was announced last year. Several areas that have been USDA eligible for many years were slated to become ineligible as of March 27, 2013. These areas include Mooresville, Mount Holly, part of Concord and other popular USDA financing areas. However, we've just been given a reprieve!

March 22, Congress passed the FY13 Continuing Resolution that contained a specific provision extending eligibility for all rural communities that are currently eligible for USDA Guaranteed and Direct Home loans until September 30 of this year. The planned re-drawing of USDA Rural Development loan eligibility lines would be based on the 2010 Census population date. Currently, eligible areas are based on 2000 Census population data.

Rural advocates have proposed H.R. 858, the Rural Housing Preservation Act, which would extend the current boundaries until 2020. I'm hopeful that this will happen, because the recovering real estate market needs all the help it can get!

For more information about USDA Rural Development home loan programs, click the following links to view my previous blog posts on the subject.

USDA Rural Development Home Loans

USDA Rural Development DIRECT Loans - Subsidized Payment Loan Program

Contact me anytime to discuss your real estate needs.

Cheryl Powell- The Powell Team- Remax Executive Realty

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