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Good News! Congress Has Extended the “Stay” for USDA

usda photoBenita Grotto Glenn of Prime Lending in Pensacola, Florida contacted me to share some great news this morning!Benita Grotto Glenn

UPDATE – Congress has passed temporary Continued Resolution meaning that changes to USDA Rural Housing eligible areas has been delayed until mid December.

What is a USDA Loan?

A USDA Loan is a home loan insured by the United States Department of Agriculture. USDA Loans offer affordable 30 year terms on real estate with 100% financing. That means no money down!

Are you eligible for a USDA Loan for the real estate you are interested in building or buying?

If your credit score meets the minimum requirements, the home being purchased is located in a USDA eligible area and the household income meets the requirements, chances are you are eligible for a USDA Loan.

What does this mean for Prime Lending and USDA Rural Housing?

Glenn said, USDA Rural Housing will continue to issue Conditional Commitments for loan transactions located in possible affected areas that are subject to change.

Because Congress passed Continued Resolution until mid-December the USDA property eligibility changes have been “delayed” until that time.  “As for the conditional commitments between now and then, they will be honored,” she said.  “We are anticipating that USDA Rural Housing will release further direction regarding exact dates and requirements for USDA Rural Housing property eligibility on or before mid-December,” Glenn said.

She said, “Prime Lending at this time does not have a required date of when Conditional Commitments must be received.  In other words it is ‘business as usual’ for USDA transactions, until further information is provided.”

The market has been improving and interest rates are still lower than 5%.Local builders, such as Timberland Contractors, LLC, D.R, Horton, Adams Homes, Celebrity Home Builders, LLC and Thomas Homes Corporation are continuing to build real estate throughout Santa Rosa and Escambia Counties.

If you have any USDA Loan questions, please contact me, Lisa Burns, Broker Pensacola Real Estate Professionals, at 850-393-7106, and I will be happy to assist you.

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