USDA Zoning Map Update (2014)
As you may or may not be aware, 2014 is the year the area(s) USDA eligible properties exist is slated to be reduced, quite a bit. The USDA website provided an update on the progress of this change this week, it looks like the new zoning map will go into effect on October, 1st of this year. That means that if you have any clients that are planning on financing their home purchase with a USDA Mortgage, they should do it sooner, rather than later. I’ll post an image of the update from the USDA Site below.
(Click Image for USDA Website & Image Source)
Sooner rather than later is the key in this case, from what I understand the zoning (which is now quite liberal as far as what is labeled as “rural”) is going to get much more strict. If you’re not familiar with the USDA Mortgage, it is one of the few “no down payment required” loan programs out there, and the (monthly) Mortgage Insurance is much cheaper than FHA, for example. If you’re a homebuyer and want to use the USDA program to buy your home, let’s talk soon! If you’re a realtor/agent and you have clients that want to, or that you think should be using the USDA program, let’s talk soon!