On June 4, 2018, the new ineligible area maps for the Rural Development Single Family Housing (SFH) and Multi-Family Housing programs will be updated
USDA loans are zero-down, government insured loans available for borrowers who want to purchase in USDA designated rural areas. USDA property eligibility is determined by USDA rural area maps. Updated maps on the USDA Income and Property Eligibility Site at https://eligibility.sc.egov.usda.gov.
All properties for new applications must be located in an eligible rural area based on the new eligibility maps
However, a property that is located in an area being changed from rural to non-rural may be approved if all of the following conditions are met:
- 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.
- The applicant has a signed/ratified sales contract on a property that is dated prior to June 4, 2018.
- Applicant meets all other loan eligibility requirements.
Call me if you are interested in a USDA loan, or with any mortgage-related questions!