On September, 19, 2014, "Continuing Appropriations Resolution, 2015," (Public Law 113-164) was signed by the President. The continuing resolution extends a current general provision regarding housing program eligibility.
This means that if a community is eligible today, they will remain eligible under the continuing resolution.
Barring further Congressional action, RHS will delay implementation of the revised rural area maps based on the changes to the rural area definition as revised in the Agricultural Act of 2014 (Pub. L. 113-79).
During the continuing resolution and as provided in the FY 2014 Appropriations Act (P.L. 113-76), RHS will not reclassify any area eligible for rural housing programs on September 30, 2013 as not eligible for such programs.
How Does This Affect Me?
Good News! After having lenders scramble for the last 3 weeks, Congress has passed a Resolution that extends current property eligibility maps. So, no change in property eligibility that was to be in effect October 1, 2014.
However, this does NOT delay implementation of the annual guarantee fee increase to .50. The increase is still applicable to all Conditional Commitments issued on or after October 1, 2014.
What Action Do I Need To Take Now?
Continue to originate USDA loans based on current eligibility maps.
Have questions? Call local Mortgage Broker, Sean Martin with Cornerstone Lending at 480 725 0164 or stop in his office at 2710 E Hunt Hwy #18, San Tan Valley, AZ 85143.BLOG COMMENTS POWERED BY DISQUS