USDA Extends 100% financing for parts of New Tampa and Wesley Chapel

Many people don't know that the USDA offers a loan program for home buyers.  My conversations with clients usually go a little something like this:

"If you're looking for a lower down payment option, the USDA offers 100% financing in certain areas of town"
"The USDA?  Aren't they the beef people?"

The USDA offers these loans based on the applicant's income relative to the area's average and if the home being purchased is in a Rural Area, as defined by the department's interpretation of census data.  The great news for a lot of Tampa home buyers is that a lot of New Tampa, Wesley Chapel and Land O Lakes is considered Rural, based on census data completed in the year 2000.

The new census data from 2010 and redrawn Rural designation maps were scheduled to take effect in Oct of 2013.  This was pushed back to January 15th 2014, and with the passing of the Omnibus Spending Bill by the US government, this was further extended to September 30th, 2014.

Interested in learning more about the qualifications?  You can visit the following links below for more info:

http://www.rurdev.usda.gov/SupportDocuments/FL%20GRH.pdf - Florida Income requirements by area.

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfhprop&NavKey=propproperty@11 - Map of approved Rural Areas

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do - Catch all site for eligibility requirements and additional information.