New USDA mortgage maps could take effect in Dec
We talked a while back about the new USDA guaranteed housing maps and how the changes could impact suburban areas in Texas. Implementation of the new maps was delayed when Congress funded the government using a continuing resolution back in Sep. The continuing resolution expires Dec 11th, and the expiration ends the delay for the new maps.
Or does it? Some folks in the real estate industry have suggested given the results of the mid-term elections that Congress will pass another short term continuing resolution and leave funding the government to the next Congress when Republicans will control both chambers. If that happens, these folks expect Congress to extend the current maps yet again.
However, I think that's far from certain. Recent media reports indicate Republican leaders are considering agreeing to fund the government for the remainder of the fiscal year rather than risk a game of fiscal chicken with the president that could result in a government shutdown.
This issue is particularly urgent given that any USDA applications that haven't been approved by the end of the month will have to start the application process again. If your customer is using a USDA loan and expects to close in the next month, pay attention to the loan status. If Congress doesn't extend the maps, you could find USDA pulling the eligibility map out from under your contract.
I've included a link to the USDA eligibility Web site at the end of my blog. From it, you can view both the existing and new property eligibility maps.