Very good news released today from USDA / Rural Development regarding the property eligibility map changes that were scheduled to happen in coming months. USDA now says the property eligibility location changes have been canceled! For exactly how long is unknown, but appears everything will remain the same for at least the next year. The proposed USDA map changes would have disqualified many popular locations outside of Tampa, Orlando and Jacksonville. This is great news for Florida first time home buyers that want to take advantage of the 100% USDA home loan. The USDA mortgage is one of the last remaining $0 down payment home loan options for Florida home buyers.
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NEW UPDATE: As of 9/26/2014 – The US Congress enacted a Fiscal Year 2015 Continuing Resolution to keep funding the government through December 11, 2014. The CR included a general provision extending all policies currently in effect. As a result, the CR effectively extends eligibility under the Rural Definition – for all communities that are currently eligible for USDA Rural Housing Programs through the term of the CR (December 11, 2014). USDA Rural Housing has postponed any changes to the eligibility map (approved area) that were previously scheduled for October 1, 2014. This is great news, as many communities will continue to have access to the 100% USDA RD program for a couple more months. It is important to note that if Congress further extends the CR, the Rural Definition will also be extended through its term. Please bookmark our blog here for the the latest updates.
USDA Mortgage Source is Florida’s leader in 100% USDA home loans. Serving all of Florida 7 days a week, including Nassau county (Callahan, Yulee, Fernandina Beach) please visit our main web site at www.UsdaMortgageSource.com or call us at 800-743-7556 with any questions.
Not located in a USDA rural location? Please click here to learn about the FHA home loan in Florida.