BREAKING NEWS – USDA Property Eligibility Maps have been updated!
2023 USDA Property Eligibility Maps were just recently updated. The new USDA eligibility Map must be used to determine if a property is located in a USDA eligible area
In today’s short video, I will review the recently updated USDA Property Eligibility Maps and walk you through this critical part of the USDA eligibility process and how to qualify for a USDA loan in Florida, Texas, Tennessee, and Alabama.
However, before we get started, we have seen a surge in bad qualification letters being issued by other lenders. If you have concerns about your lender or loan officer and are in need of an expert 2nd opinion, please just call, text, or email with your scenario so we can begin to review and provide a proper qualification process that you can count on!
800-806-9836 Ext. 280
USDA Property Eligibility Maps have been updated!
As a starting point, a fundamental qualifying requirement of a USDA loan is for the property to be located within a USDA Eligible Area which is determined through the USDA Property Eligibility Map.
Effective October 1st, 2023, the U.S. Department of Agriculture (“USDA”) Rural Development announced that they “will begin using the most recently released data from the U.S. Census Bureau to determine program eligibility for Rural Development programs.”
What counties were impacted by the 2023 updated USDA Property Eligibility Map?
While the general USDA definition of a rural areas includes “open country that is not part of, or associated with, an urban area”, because of the recent expansion to our suburban and rural areas, many towns and cities have experienced a significant population increase. This population density is yet another factor considered within USDA’s rural definition. This means that even if it feels like you live in a rural area and out in the country, it still may not meet USDA eligibility requirements depending on the population.
Back in 2018, I was involved with preserving the USDA eligibility of Sebring, FL and fully understand the importance of this critical part of the program. If you are not sure a property is located within an eligible area, remember to check the address on the updated USDA Property Eligibility Map.
What type of house qualifies for a USDA loan in Florida, Texas, Tennessee, and Alabama?
As discussed recently, guidelines require that a USDA eligible property be “residential in use, character, and appearance.” This could include single family residences, townhomes, villas, manufactured homes, and condos.
As a quick review, here are examples of properties that would not be eligible for a USDA loan:
- Investment Properties or 2nd Homes (USDA Loans are only eligible for primary residences)
- Properties that include buildings which are designed to be used principally for income-producing purposes such as a barn, silo, or other type of commercial operation.
USDA Approved Lender
As a USDA Approved Lender, we will walk you through the USDA loan qualifying process step-by-step. Just call, text, or email to discuss your scenario and let us show you the “Metroplex” difference!
800-806-9836 Ext. 280
Thank you again for forwarding and sharing today’s video with any friends, family, co-workers, or clients who are looking to buy, sell, or refinance!
As always, I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!
P.S. – You can download our “USDA Blueprint for Success” by CLICKING HERE.