Did you know that the USDA is rezoning the maps for eligible property zones effective October 1, 2014? If you were looking into purchasing a home with a USDA loan in North Port, Florida, then you need to apply for the loan and be under contract by August 31, 2014. If you are approved, you must close by October 1, 2014.
Most of North Port will no longer be eligible. The zones are determined by the population data received from the Census Bureau taken every ten years. Some areas that were once underpopulated now have more residents and no longer are eligible under the program. There are still locations throughout Florida that fall within the eligibility guidelines.
If you want to learn more about the loan program you can go to the United States Department of Agriculture and Rural Development (USDA) web site at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do. It offers information on loan program basics, property eligibility, and income eligibility.
Some of the key features of a USDA loan are:
· Up to 100% financing with no money down
· The property must be in a USDA eligible zone
· Buyer must occupy the home as a primary residence
· There is a maximum household income for the borrower
· Competitive interest rates
· Gifts are allowed for closing costs
· Low credit score is ok
There are other loan options still available if the area you were interested in no longer qualifies for a USDA loan. Contact a local loan officer to find out complete details and see what you can qualify for.