USDA is releasing the new rural area maps that were delayed in October of 2014. The new rural area maps, which determine property eligibility under the USDA Rural Development Guaranteed Housing program, are effective February 2, 2015.
HomeBridge will be required to re-verify property eligibility on any USDA purchase transaction in the pipeline if the Request for Single Family Housing Loan Guarantee has not been submitted to USDA by close of business Friday, January 30, 2015.
Requests for Loan Guarantee submitted to USDA on or before Friday, January 30, 2015 require a complete package (i.e. all documentation required by USDA to request a Loan Guarantee must be included in the submission package to USDA) in order for the property to be exempt from the updated rural designations.
USDA property eligibility can be determined at USDA Eligibility
If you have any questions, please contact your Account Executive.