The USDA Eligibility Maps re-apportionment scheduled to begin on January 15 (i.e. the new maps based on the 2010 Census) has been postponed. See below, directly from the USDA:
‘The appropriations bill for Fiscal Year 2014 has been signed into law. Section 737 includes a provision that no appropriated funds may be used to make rural area map changes this fiscal year. This means that areas that would have become ineligible will remain eligible until September 30, 2014.’
At that point, Congress will decide whether to commit funds for the change, or put the new maps off for another period of time.
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What does all of that mean to me and you? It means we can continue originating USDA loans using the current eligibility maps until at least October 1, 2014. And that’s great for buying power, especially for limited down-payment clients, not only because of the single-loan 100% financing offered, but because Monthly MI is less than 1/3 that of FHA!
Jay Johnston, NMLSR # 149795
DRB | Darien Rowayton Bank
Phone: 860.739.0704
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