USDA Map Changes
Postponed Until September 2013
Last week the House
passed the Senate’s revised Continuing Resolution (H.R. 933) to fund
the Government for the next six months. This bill included language
to not implement any changes to eligible areas for Rural Development
for the next six months.
There will be no changes to the USDA maps at the current time. The
President signed this legislation on March 26, 2013 and we expect
the formal announcement from USDA RD soon.
to now there was a news that some towns/cities that were previously
eligible for USDA loans, are now not eligible anymore based on the
latest census 2010. This worried many home buyers, especially first
time home buyers and home buyers with low income. But, this has been
postponed at least six months.
What is USDA loan?
The USDA 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
There are several advantages to using USDA's Home Loan Program.
Monthly Mortgage Insurance(MI)with a USDA loan
Mortgage Interest Rates
Credit Qualifying with USDA
What Are USDA
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.
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
Single family homes only (no multi-units homes)
Home must be in working order (no "fixer uppers" with mechanical
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. Click on your State link,
then look at the County you're buying in underneath the column that
reflects your household size. Use the largest income number on the
Note: Regardless of who will be on the loan, ALL household income
for ALL adults must be considered.
more information about USDA loan, USDA Property Eligibility,
Household income requirements and USDA Home Loan Income Limits
please see USDA website at