Home buyers in Riverside County, California planning to use the popular USDA Rural home loan program are shocked to learn about the upcoming boundary changes that will cause many current USDA eligible rural areas to no longer qualify beginning October 1, 2013.
A list of cities and communities no longer eligible for USDA financing in California can be found here.
UPDATE ALERT 1/15/2014 ==> President Obama signed the ‘2014 Omnibus Appropriations Bill (hr 3547)’ that extends the current USDA eligibility map through September 3o, 2014. So USDA home loan boundaries remain the same.
Don’t wait, buy now with zero down payment USDA financing while you can!
That’s unfortunate because the USDA home loan is one of last true 100% financing purchase programs available to home buyers in Riverside County other than the Military’s VA loan program.
Riverside County’s population explosion over the last 10 years requires the USDA to update their eligible boundary map to reflect the not so recent 2010 Census data.
Cities or Areas Impacted Most in Riverside County
The 2010 Census data results will impact the cities of Menifee, Wildomar, Sun City, French Valley, Nuevo, Cabazon, Homeland, South Corona, Temecula, Murrieta, La Cresta, Big Bear, and Lake Arrowhead the most, all of which will no longer be eligible for USDA financing.
USDA Eligible Areas in Riverside County (Updated)
Eligible USDA areas/cities in Riverside County AFTER October 1, 2013 and searched here.
- Winchester/N.E. French Valley
- Temecula Wine Country
- De Luz
- Rainbow (North County SD)
- Hidden Center (North County SD)
- Valley Center (North County SD)
* Remember, USDA does not allow financing on any manufactured or mobile homes, nor is USDA suitable for ‘farm financing’ to buy large amounts of acreage, hobby farms, or income producing property.
Beat the September 30, 2014 Deadline for USDA Loan Approval
To qualify for financing under the current 2010 USDA eligibility map, you need to have your completed loan application submitted before September 30, 2014.
You Can Still Refinance a USDA Loan
Current home owners who have a USDA loan will be able to refinance their USDA loan under the USDA Streamline Refinance Pilot program even if they are no longer in an eligible area, but you still need to meet the county income guidelines.
USDA Loan Alternatives – Only .5% Down Payment!
If you cannot get your purchase offer accepted by the deadline, there is a good chance we can still get you approved for our FHA first time home buyer 3% assistance loan, our 3% down payment assistance grant that DOES NOT require you be a first time home buyer, or other possible home buyer assistance programs.
However you decide, you really need to make sure your mortgage lender is experienced in working with several different types of ‘niche’ home buyer assistance loans and that they are even approved to offer it. (most aren’t)
Related Articles of Interest: