2018 USDA Eligibility Maps have been Updated!

http://www.usdaloanpro.com/blog/2018/... When will the new USDA Eligibility Maps go into effect and how do you find out if your area is still considered rural? In today’s video, I will discuss in detail the updated USDA Eligibility Maps, how to determine what areas will become ineligible, and key dates on when it becomes effective. For a quick background on today’s topic, after a comment period which commenced on December 1, 2017, certain areas had been selected for further review in order to determine if their USDA eligibility would continue. On a positive note, I took action and participated by submitting detailed reports during this comment period that were able to help preserve the Florida USDA Eligible Areas of Sebring and Zephyrhills. However, because of population increases and other factors, there are many areas which unfortunately lost their eligibility. As a result, on March 16, 2018 Rural Development announced the release of the updated USDA Area Eligibility map which shows the proposed ineligible areas that go into effect on June 4, 2018 including both current and proposed ineligible areas. First off, you will need to access USDA Income and Property Eligibility Site, and I have included a link below for you to reference. Start by clicking on “Single Family Housing Guaranteed” as the program in the upper left corner. Then you will either select the “Property Eligibility” tab for all currently eligible properties or the “Proposed Ineligible Areas” tab for any areas that will be ineligible as of June 4th, 2018. Next, you will click on “Accept” in the lower right hand corner. Now, you will be taken to the USDA Eligibility Map where you can enter in a specific address and press GO! or manually navigate to find a general area of interest. Now, the good news is that the proposed ineligible areas do not take affect until June 4th, 2018 and provided that the following is met prior to that date, the properties located in an area changing from rural to non-rural may still be approved for a USDA loan if all of the following conditions are met: 1. The application is dated and received by the lender prior to June 4, 2018 and the Loan Estimate was issued by the lender within 3 days of application receipt. 2. The applicant has a signed/ratified sales contract on a property that is dated prior to June 4, 2018.  3. Applicant meets all other loan eligibility requirements. Timing is critical right now for those buyers and Realtors looking for properties in existing eligible areas that will be losing their rural designation, and if you are not sure if about an area’s eligibility, call my office so we can review and advise. Having a lender that understands the USDA process for pre-qualification to closing is critical to a successful transaction, and as the 2017 #1 Ranked USDA Approved Lender in Florida, our program experience and expertise helps homebuyers maximize the benefits of this unique program. Just call or email to discuss your scenario, and let our team show you the “Metroplex” difference! http://www.USDALoanPro.com Download our FREE USDA Blueprint for Success! http://www.usdaloanpro.com/blue-print... GET MORE INSIGHTS More ProTips from USDA Loan Pro: Subscribe on YouTube:  http://www.youtube.com/subscription_c... Website:  http://www.usdaloanpro.com Facebook:    / metroplexmortgage   Twitter:    / usdaloanpro