USDA financing has been hot since it is one of the last 100% zero down loan programs. USDA made it easy to qualify with a 640 credit score and with the biggest stipulation being the location of the home. The borders are pretty easy with just about everything in Arlington and Monroe qualifying and some pockets in Marysville and Lake Stevens qualifying as well.
In a preliminary census report, Arlington, Monroe and Lake Stevens are faced with being removed from USDA eligibility starting October 1st. What would drive USDA to remove areas and cities from eligibility? According to the report I received, the cities are under review due to population increases noted in the 2010 census.
This is definitely something to watch as it will impact many Snohomish County buyers. Here is the report showing all the areas. Here is the pdf version.
Toby – that’s pretty interesting. People are always surprised how much of Chelan County is eligible for USDA financing. Everything in Leavenworth and Cashmere is eligible – only properties in Wenatchee are considered “urban.” In fact, some neighborhoods west of Wenatchee actually qualify for USDA even though they feel like in town suburbs.
With USDA’sreview of these areas many, including myself, are either pushing to get buyer and sellers home’s sold prior to the Oct. 1 deadline in the event that these areas are restricted.