Great news for Florida homebuyers looking to purchase a home in the rural eligible suburbs of Florida’s major cities – USDA announced another delay in the new map implementation. This means many popular locations outside of Orlando, Tampa FL, Sarasota, Naples and Jacksonville will remain eligible for a few more months, see below –
Congress enacted a Fiscal Year 2015 Continuing Resolution (CR) to fund 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 for all FL communities that are currently eligible for USDA Rural Housing Programs through the term of the CR 12/1//2014. USDA Rural Housing postponed of any changes to eligibility that were previously scheduled for October 1, 2014. Basically residents in these communities will continue to have access to critical Rural Housing programs for a couple more months, please continue to use the current USDA maps. It is important to note that if Congress further extends the CR, the Rural Definition will also be extended through its term. Stay tuned to the blog for important updates on this subject.
Please note the timeline below:
- The new map starts 12/11/2014 – please click here and view the Future Eligibility Areas of the left side. This map shows all the approved locations after 12/11/2014.
- In order to be approved for a house that is eligible under the current (old) map homebuyers will need to do the following: Insure they are under full contract no later than 11/28/2014 to leave enough time for the lender to underwrite and send the file to the USDA office. This generally takes a few weeks. REMEMBER – the USDA loan is a two step approval process – First, the lender underwrites the files, Second, USDA rural housing does the final review.
- Your file will just need to in receipt of USDA no later than 12/11/2014 to be eligible under the current maps – you do not need to close by this date. You can close later if you like.
Questions about any of these map changes? Please reach out to us by submitting the quick info request form on the right side → or call 800-743-7556
More info on the USDA Rural Housing maps can be found in the video –
2014 USDA Rural Development Map – Not Changing