With USDA taking about 3 weeks to month to process a loan application ( today for instance they are working on apps received in their offices on 12/21/12 ) You will need to encourage any client wanting to proceed on a USDA home purchase to do so very quickly.
Here is the reason:
This state has grown So much, that when the 2010 Census maps were drawn up, and analyzed, it showed that 21 Communities in NC were scheduled to lose the opportunity to get mortgage loans approved using the USDA Home Loan Program starting October 1, 2012.
Congress passed the Senate USDA Appropriations bill, S.2375 which included a grandfathering provision. The provision is for places that have gained population and would otherwise become ineligible for USDA Home Loans. This bill would keep them eligible through March 27, 2013.
With this “grandfathering” coming to an end – on March 27, 2013, many areas in NC will lose eligibility for USDA Home Loan financing. The current list is of RUMORED proposed areas that would become ineligible & includes ( these are rumored only, we cannot state with certainty until the official map is issued but here is what we are hearing ):
There are a lot of popular places in Wake & Johnston County listed here that would not longer be eligible. USDA has to issue their commitment on the loan prior to 3/27/13