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USDA Financing Changes Impacting Greensboro NC Buyers

Greensboro Homes For SaleOne of the sweetest loan programs available to home buyers in the Greensboro area has been the USDA product which offers up to 100% financing for qualified buyers.  This loan is subject to certain geographic restrictions which have been determined by what the USDA terms rural agricultural districts.

Changes have been anticipated for some time and recently, the USDA announced that barring Congressional action, they will begin using 2010 Census data to determine eligible rural areas for Rural Development housing programs on October 1, 2014.

Changes to eligible areas can be viewed by selecting the applicable program listed under “Future Eligible Areas” at http://eligibility.sc.egov.usda.gov.

If you are a home buyer considering the purchase of a home in an eligible area, please be sure that you understand that complete applications received prior to October 1, 2014, will continue to use the existing eligible rural area definitions based on 2000 Census data.

Now is the time to consider a purchase before the increase of interest rates hits and changes begin to fall into place for programs such as this and the NCHFA down payment assistance program.

If our team can answer any questions, please do not hesitate to ask!


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