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Az, Home Buyer in Horizon City, TX

Any news or updates on the usda H.R. 858 bill ?

Asked by Az, Horizon City, TX Wed Jul 17, 2013

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Actually, I believe there are certain areas which might be removed from the eligibility map, beginning in Fiscal Year 2014, depending on which decennial census year is used. Not that the entire USDA mortgage program would be "toast."

Text as of Feb 27, 2013

"The second sentence of section 520 of the Housing Act of 1949 (42 U.S.C. 1490) is amended by striking: ‘1990 or 2000 decennial census shall continue to be so classified until the receipt of data from the decennial census in the year 2010’ and inserting ‘1990, 2000, or 2010 decennial census shall continue to be so classified until the receipt of data from the decennial census in the year 2020’."

We'll stay tuned.

Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas
0 votes Thank Flag Link Thu Jul 18, 2013
As of right now USDA will expire in September.
0 votes Thank Flag Link Wed Jul 17, 2013
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