For all of you who may be involved with USDA loans, whether client, Real Estate Agent, or otherwise, be aware that on October 1, 2014, the annual fee for USDA guaranteed housing loans increased from 0.4% to 0.5%. Any loans that are currently in process that have not yet received Conditional Approval from the RD office prior to September 30, 2014, will be required to re-disclose at the new higher annual fee.

   The other significant change that was slated to take effect on Oct 1, the USDA Home Loan Eligibility Map, has been further pushed out to October 1, 2015. The current map is based on 2000 Census data while the new changed map to be implemented next year is based on 2010 Census data. This change will most probably reduce the available eligibility areas, especially in suburban / rural fringe regions. If you have questions about these USDA changes, give me a call.

Thanks

Juli A Gleed