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Old 08-11-2013, 05:02 PM
 
31 posts, read 43,499 times
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I have a couple of questions regarding USDA Rural Development fiscal year. I heard the new maps will be coming out soon and the area where I'm building a home may not be eligible when the new maps are released.

1. Does anyone know when the current fiscal year ends?

2. By what date does an application need to be submitted before the new fiscal year starts?

3. If an application is submitted prior to the new fiscal year, does it have to be approved prior to the new maps being released? For example, say that the new fiscal year (new map is released on Oct. 1) my application is submitted on September 20th, does it have to be approved by September 30th?
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Old 08-12-2013, 12:06 PM
 
Location: MID ATLANTIC
7,613 posts, read 17,708,635 times
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USDA has been saying they've redrawn the maps now for almost a year, as well as shaken up the incomes........There is no prior announced date due to the flood of loan applications that occur. One morning (what they did last year), they will announce all submissions will be returned until funding is available (or they will say underwriting will continue, but no commitments issued until funding is available). It didn't match anyone's fiscal calendar, but that could have been a lack of funds. I imagine the maps will be done in the same manner. In prior years, everything has been subject to the commitment date, not the submission date.

I wouldn't waste any time if you are looking to do this program. Last year Fannie and Freddie kept their conforming loan limits at 417K, when the data suggested the loan limits really should be lower. However, fear of stepping on a recovering housing market stopped changes in their tracks. Now that it is perceived all is well, (and maybe even better than well), I wouldn't mess around one bit, especially in the age of sequestration and lack of Congressional efforts towards the budget.
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Old 08-12-2013, 03:04 PM
 
31 posts, read 43,499 times
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Interesting! I checked their website and the address where the home is being built is eligible. But when I checked the future eligible areas that address will no longer be eligible.
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Old 08-12-2013, 10:07 PM
 
Location: MID ATLANTIC
7,613 posts, read 17,708,635 times
Reputation: 8112
Quote:
Originally Posted by bigal777 View Post
Interesting! I checked their website and the address where the home is being built is eligible. But when I checked the future eligible areas that address will no longer be eligible.
Keep in mind that map has been redrawn for quite a while, at least since last February. We expected it a year ago, January 1, February, and the other favorite date, the first week of April.

It really is a ticking time bomb.
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