The USDA Maps are changing on October 1, 2014. Some of you may not know what USDA financing is unless that is the type of loan you got when you purchasedÂ your home.Â It is a loan that is 100% financing and comes with a lower insurance premium than an FHA loan. It also comes with a lower interest rate than conventional loans. My daughter lives in Riverview and they have a USDA loan. How do you know if a home qualifies for USDA financing? It’s simple! You go to http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do. Most good realtors will check the property and put intoÂ the MLS listing that it qualifies and most lenders will check if a property is eligible for USDA financing as it gives them another tool in their arsenal to help a home buyer. At any rate, the maps will be changing as of October 1, 2014. They have told us people involved in real estateÂ to make sure that all applications are in by 4:30 pm September 30, 2014 . Once the eligible areas change on November 1, 2014 anyone who has not submitted their application and the home was eligible for USDA financing, but is no longer eligible, will not be able to get USDA financing on the home. So, please let anyone you know who is in the process of buying a home know about the change. All you have to do is askÂ what type of loan they are getting. If they say USDA then you can be their hero for a day!
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