We are looking at changes to the Eligible Rural Area for USDA Financing. There was a change updated in March of this year changing eligible rural areas for this type of financing.
This is definitely throw a wrinkle into some of the financing options for certain home buyers. For years, these home buyers were able to take advantage of 100% financing if the home was in the eligible area. As we see it, this will be much tougher in the coming months.
Cities that are included in this change are:
Albany, Ashland, Bend, Canby, Central Point, Corvallis, Cornelius, Dallas, Damascus, Eugene-Springfield, Forest Grove, Grants Pass, Klamath Falls, McMinnville, Medford, Millersburg, Newberg, Portland Metro, Redmond, Roseburg, Salem-Keizer, Sherwood, St. Helens, Wilsonville and Woodburn.
Make sure to get with your lender and look into what options you might have for financing. This has been a wonderful program in many of these communities, but is about to change drastically.
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