USDA Financing in JeopardyWith the 2010 census numbers out, Queen Creek, Maricopa, and San Tan Valley are expected to have outgrown their rural status to qualify for USDA financing.
The cut off mark for rural designation for the USDA Loan is 25,000 residents.
According to the USDA the census shows that Queen Creek has a population of 26,361, while Maricopa has 43,482 residents and the San Tan Valley area, 81,321. All above the cutoff mark for rural designation of 25,000.
Dianna Jennings, a spokeswoman for the USDA in Phoenix, said those municipalities will still qualify for the guaranteed home loans until she is notified otherwise by headquarters in Washington, D.C.As we experienced with the past boundaries changes there will be little to no advance notice.If you have a borrower trying to utilize USDA there is a sense of urgency to get it closed as soon as possible.We believe in managing transitions like this by offering a solution. As a delegated USDA lender we process underwrite and fund in-house and will expedite all USDA loans in 10 Days.We can also discuss additional financing options available that can assist your clients.
Brent Hammonds
Brent Hammonds, Associate Broker, CDPE
Solutions Real Estate, LLC
9375 E. Shea Blvd STE 251
Scottsdale, AZ 85260
Phone: 602-717-3219
Fax: 877-500-1776
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