There are two changes going into effect on October 1, 2014 that affect Kentucky RHS USDA loans.
New Eligibility Map
- Maps used to determine KY USDA GRH eligibility will be updated effective October 1, 2014.
- The announcement from the USDA indicates the date the RHS office receives the complete loan guarantee request will determine which map is used to determine eligibility.
- Complete applications received on or before September 30, 2014 will use the current maps. Applications received after September 30, 2014 will use the new maps
- The “Farm Bill” revised the eligible rural area definition for USDA housing programs by
- amending population limits used to determine eligibility for program benefits. It also retained
- the requirement for eligible areas to be rural in character and have a serious lack of mortgage
- credit. However, on August 21, 2014, the Secretary of Agriculture suspended any changes to an
- eligibility determination based solely on the “rural in character” clause through September 30,
- On October 1, 2014, the USDA Rural Housing Service will update maps used to determine
- property eligibility. The updated maps will include all eligibility changes. Changes that were
- originally slated to take effect due to the "rural in character" clause will not be implemented at
- this time. In advance of the upcoming map changes, future eligibility maps will be posted to the
- Eligibility Website on or about September 22, 2014. A notification will be sent once the new
- future eligibility maps have been posted.
- Kentucky Rural Development Eligibility maps for 2014 were scheduled to be posted to the Eligibility web site on September 22.
Reminder . . . October 1, 2014 is also the date the Kentucky Rural Development Gu annual fee changes from .40% to .50%. The annual fee change is based on Conditional Commitment Date.