Just wanted to send out a note to let you know that there are two major changes occurring that are effective 10/1/14:
1) 2010 Census maps will begin to be used which will impact some areas (e.g. The Westfields in Mechanicsburg is currently an eligible area for USDA Rural Housing. After 10/1/14, it will no longer be). What this means is that you must have a Loan Guarantee Commitment from RD by 10/1/14 or the new maps will be used to determine if a property is located in a qualifying area.
2) The monthly MI factor for this program is increasing from .40 to .50. Still well below the monthly MI fact for FHA (which is at a 1.35 factor currently).
Please contact us if we may be of assistance to help your buyers with their mortgage needs.
