Please see the changes in the USDA Rural Housing program below, coming on February 2nd 2015. These changes will affect our area very drastically. According to the maps (attached) all of North Port will become ineligible and parts of Englewood and Venice will also become ineligible for these types of loans. I have copies of the current and future maps attached for you to review and please feel free to call me if you have any questions. USDA is a wonderful loan that allows the borrower to close with 0% down and allows the seller to pay up to 6% of the closing cost. This loan is the only loan available that allow the borrower to roll in up to 2% of their closing cost into the loan even if the seller does not give concessions. Hopefully there will be a Congressional action that extends the current areas until 2020 when the new census report comes out, but there has not been any talk of this that I know of. Please double check you pipeline for any USDA Rural Housing pre-approval that you have and make sure your clients are aware of the change. The last date to submit a complete file to USDA is February 2nd, this means that the last day that Gulfside Mortgage Services would be able to accept a executed purchase contract would be Monday, January 26th in order to give us time to submit a complete file to USDA. FL/VI SFH Guaranteed Loan Program From the Florida State Office Single Family Housing Guaranteed Loan Program December 30, 2014 Implementation of New Rural Area Maps (Maps Attached) The new rural area maps already published on the “Future Eligible Areas” maps posted on the Eligibility Website: eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do will become effective on Monday, February 2, 2015 (barring Congressional action that extends current eligible areas).Complete loan guarantee applications received by RD prior to February 2, 2015 will remain subject to current maps. However, if the loan application is reviewed by RD on or after February 2 and is found to be incomplete, the loan will have to be resubmitted and will be subject to the new maps. Therefore, the key to approving a loan based on the current maps is to submit a complete application before February 2, 2015. See below for a list of documents that comprise a complete application. December 22, 2014 Amended Future Eligibility Maps – Determining Property Eligibility by Application Date On December 16, 2014, President Barack Obama signed into law H.R. 83, the Consolidated and Further Continuing Appropriations Act, 2015 (Act), which provides fiscal year 2015 full-year appropriations through September 30, 2015, for all agencies except the Department of Homeland Security. With the signing of this Act, Rural Development will implement the eligibility maps in accordance with the Agricultural Act of 2014, Pub. L. 113-79 (“Farm Bill”) on February 2, 2015 with the following exceptions: •Because of the continuing re-examination of the “rural in character” policy, RD will continue its current policy regarding “rural in character” for the purposes of determining eligible rural areas. •The Act further provides that applicants in communities that have a current rural area waiver under section 541 of the Housing Act of 1949 (42 U.S.C. 1490q) shall be treated as living in a rural area for purposes of section 502 guaranteed loans. This means that the area of Tuscaloosa, Alabama will continue to be considered rural through September 30, 2015 for 502 guaranteed loans, even if their disaster waiver expires during the year. While the reclassifications will largely involve areas going from rural to non-rural, areas that should have been made eligible during Phase 1 on May 6, 2014, but were missed will now receive the proper classification. Thus, the ineligible area maps based on the above classifications will be effective on February 2, 2015. The changes will be those already published on the “Future Eligible Areas” maps posted on the Eligibility Website: eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do. Thank you and Please call me if you have any questions, Tony Moore NMLS #220640 Gulfside Mortgage Services GulfsideMtg 941-485-4222 Toll Free – 888-960-6850 Company NMLS #375972 1062 East Venice Ave, Venice FL 34285
Posted on: Mon, 12 Jan 2015 15:54:06 +0000
Trending Topics
Recently Viewed Topics
© 2015