USDA Rural Development Update

What is USDA Rural Development?

The USDA Rural Development Loan Program is a program designed to make rural housing more affordable. USDA loan program eligibility depends upon applicant income and the purchase property location. With USDA Rural Development loans, you can finance a home with no down payment.

USDA Program Eligibilty Extended

The U.S. Department of Agriculture announced last week that USDA Rural Development program has been extended until September 30, 2013.  Areas that were eligible for USDA financing (Single Family and Multi-Family Housing Programs) on September 30, 2012 will remain eligible until September 30, 2013.

Defining Rural

On October 1, 2012, the USDA was expected to revise its definition of “rural.”  This revision would have made USDA rural development funding more restrictive. Eligibility would have been limited to communities with a population less than 20,000 not located within a MSA (metropolitan statistical area). Half the rural population in America lives within a MSA and would be ineligible for the USDA rural development loan program if this change had been implemented.

Communities in Wisconsin that could be affected if the change is implemented later this year include: Burlington, Hartford, Muskego, Port Washington, Portage, River Falls, Stoughton, Sussex, Vernon, and Waunakee.

Need more information on the USDA rural development loan program? Contact me, I can answer any questions you may have.

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