Effective October 1, 2014, USDA will revise their property eligibility maps per the result of the 2010 Census findings.
There is good news and bad news surrounding this announcement (and a lot of rumors too…). The BAD news – yes, USDA is tightening the property eligibility areas. The GOOD news – they aren’t tightening them as bad as we thought they would.
Really, the only area that is greatly affected in Snohomish County is a small area west of Smokey Point (see map below). Other than that, IT’S BUSINESS AS USUAL! Lake Stevens, Snohomish, Duvall, parts of Woodinville and Monroe are all eligible! Also – All of Mt. Vernon and Burlington remain eligible!
If you follow me at all, you’ll see that I am pretty passionate about providing updated information on the USDA Home Loan Program for Washington State Home Buyers and Real Estate Agents. USDA is one of the only “real” Zero Down programs available other than the VA Home Loan, and is a great resource for First Time Home Buyers.
Visit www.WashingtonUsdaHomeLoans.com for more information.
Below, I’ve provided a link that you can use to search property addresses, or look at regions that may be affected by the proposed changes. As always, please feel free to call me directly with questions – (425) 350-7136..
USDA Proposed Boundary Changes
(note: click on the “future eligibility changes” on the left. Updated on Sept. 22, 2014)
How Do I Qualify For A USDA Home Loan?
Getting approved for a USDA Home Loan in Washington State has become a little more challenging in the past 2-years. More banks are discontinuing the program because of the average length it takes to close a USDA Loan, plus, with the refinance boom of 2012 and 2013, many loan offers and banks chased the “easy money” associated with refinances, FHA and conventional loans.
It’s important to ask your bank and loan officers how much experience they have dealing with USDA, and more so, how much recent experience they have with USDA. Once the loan is approved at a bank, and appraisal is ordered. That process of approval and appraisal can take about 5-30 days (depending on the bank).
As a direct USDA lender, my office currently pre-approves, appraises, underwrites and approves USDA Home Loans in less than two-weeks. From there, the loan package is sent off to the USDA office in Olympia, and currently, they are running 3-4 weeks to issue the certificate of approval for funding. [see Dan for updated USDA office turntimes – 425-350-7136] .
Criteria For Getting Approved for USDA Financing
– must have a credit score over 640
– must meet the annual household income limits (see worksheet here or call me…)
– property must be USDA eligible – click here for map
– complete the USDA secure online application (“step one” here)
– click here – gather all of your financial/supporting documents (“step 2” here)
– fax/scan the above-mentioned items to Dan at (866)-465-0964
I hope this information helps you. If you are interested in a detailed mortgage analysis like this, please feel free to contact me directly at (425) 350-7136, or email me at firstname.lastname@example.org.
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