NORTH Idaho Real Estate Pro

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Good News! USDA population cap increased to 35,000!

Good news for USDA buyers that thought they were no longer going to be able to purchase homes in Post Falls and USDA Home Buyercertain parts of Coeur d'Alene & Hayden.

Yesterday, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) and Senator Pat Roberts (R-KS) introduced a bill that would grandfather the existing USDA Rural Housing program areas until the 2020 census.  This new legislation will help them remain eligible to receive assistance. 

The bill would also raise the population cap from 25,000 to 35,000.

Section 502 loans, or the Single Family Housing Guaranteed Loan Program make up the majority of the USDA rural housing development programs administered by the USDA housing activity. These loans are made by private mortgage funds, approved lenders, and then guaranteed through the USDA program.

Under current guidelines, all of Post Falls qualifies for the rural designation. This designation is in effect until September 30, 2013. Specific property eligibility is available on the USDA website.


CONTACT INFO:

Pam Jank, CRS, GRI, ABR, CNE, RRS, Realtor(c)Pam Jank, CRS, GRI, ABR, CNE, RRS, Realtor(c)
Your North Idaho Real Estate Pro
www.SellingNorthIdaho.com - Your Free Local MLS Property Search Link
208-661-2282 or Toll Free 800-829-2555 ext. 1275
Coldwell Banker Schneidmiller Realty
1924 Northwest Blvd, Coeur d'Alene ID 83814
 

 

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 Lake Coeur d'Alene

Comment balloon 3 commentsPam Jank • April 19 2013 01:42PM

Comments

Great information about USDA loans.  We have areas outside of metro Atlanta that qualify for these loans.  Best of GREAT success to you this year!

Posted by Jordon Wheeler, J W Group Real Estate Sales and Service (The Jordon Wheeler Group) over 4 years ago

Pam - This is very good news for people want to buy homes in small towns. Thanks for the information about USDA population cap increased to 35,000.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) over 4 years ago

Jordan and John, we are so glad to have this extension. Here in North Idaho this benefits alot of home buyers.

Posted by Pam Jank, Your Coeur d'Alene & North Idaho Real Estate Pro (Coldwell Banker Schneidmiller Realty) over 4 years ago

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