Implementation of the New USDA
maps are Effective on February 2nd, 2015.
On December 16th 2014 President Barack Obama signed into law H.R. 83. The
Consolidated and Further Continuing Appropriations Act, which
provides funding for the government through September 30, 2015.
With the signing of this Act, the USDA will implement the new
eligibility maps in accordance with Farm Bill on February 2nd,
2015. The new area maps that go into effect on February 2, 2015 can
be found at the USDA eligibility website under the future eligible
areas tab USDA Future Eligible Maps.
this new map there would be some towns/cities that were previously
eligible for USDA loans, but are now not eligible anymore based on
the latest census 2010. This would impact many home buyers,
especially first time home buyers and home buyers with low income.
But, current eligibility maps still are valid by or before February 2nd,
A complete package for conditional commitment must be submitted to
the USDA on or before Feb 2nd, 2015 in order to fall under the
current eligible areas. Packages that are submitted to USDA
after Feb 2nd will be subject to the new “Future Eligible Areas”.
Below, you will find a future eligibility map for Dallas Forth Worth
area in Texas.
Some of the USDA eligible locations in Dallas Forth Worth area
County, Denton County are:
Heath, Princeton, Fate, Rose City,
Farmersville, Melissa, Anna, Prosper, Celina, Little Elm, Oak Point,
Aubrey, Lantana, Argyle, Trophy Club, Krum, and …
What is USDA loan?
Guaranteed Loan Program is a federal program offered
through the United States Department of Agriculture. Rural Housing
through the USDA program provides a number of homeownership
opportunities to rural Americans, as well as programs for home
renovation and repair. This is an excellent product and benefit for
those individuals that qualify.
What are USDA Advantages?
There are several advantages to using USDA's Home Loan Program.
USDA 100% Financing
Low Monthly Mortgage Insurance (MI) with a USDA loan
Low USDA Mortgage Interest Rates
USDA Low Closing Costs
USDA Zero Down Payment.
Easy Credit Qualifying with USDA
Government Guaranteed Mortgage
What Are USDA Eligibilities?
Rural Housing also offers 100% financing opportunities for those who
qualify. In order to be eligible for many USDA loans, household
income must meet certain guidelines. Also, the home to be purchased
or served must be located in an eligible rural area as defined by
USDA. This typically covers towns with less than 10,000 populations.
USDA Property Eligibility Info
Basically, the USDA home loan program has 2 things it looks at when
determining property eligibility:
(2) Physical Properties of the house.
Determining the location eligibility is simple. Just
click here and use this tool to
determine if your area is eligible. Simply click on your State, the
whatever County your looking in. This will bring up a color coded
map. The areas shaded in "orange" are ineligible, all other areas
are O.K. It's that simple!
Single family homes only (no multi-units homes)
must be in working order (no "fixer uppers" with mechanical issues)
Swimming pools cannot be used to determine the value of the home
FHA appraisal will be used
Basically, standard homes in working order is what's expected...this
is NOT a "fixer upper" program.
USDA Home Loan Income Limits
Rather than loan limits, USDA has implemented income limits. These
limits are generous as they are 115% of the moderate income level
for the household size of the County your buying in.
Like all home loans, your income will determine what size loan
amount you can qualify for.
Click here to use USDA's income chart. Select your State, then
Pick the County you're buying, then fill the form in underneath the
column that reflects your household size. Use the largest income
number on the chart.
Note: Regardless of who will be on the loan, ALL household income
for ALL adults must be considered.
For more information about USDA loan, USDA Property Eligibility,
Household income requirements and USDA Home Loan Income Limits
please see USDA website at:
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Contact Bahman Davani at: http://www.texasfivestarrealty.com/Contactus.asp