THE CENSUS
IS IN
If you live
in one of the cities listed below or might be considering moving to one of them
you may want to take advantage of the USDA/Rural housing loans that will be
phased out before the end of the year.
Very soon
Rural Housing in Utah will update the maps to eliminate six growing cities in
Utah. The USDA Rural Housing program is very popular in Utah as it offers one of
the only down payment options in this area.
Each city
that is being cut off has taken full advantage of the program to grow. They each
have grown too large for the programs guidelines. USDA is geared for 'rural'
areas which have a low population or a serious lack of mortgage credit for lower
and moderate-income families.
Thousands of
homeowners and homebuyers are trying to get funding before the maps changes.
This is causing a backup with the local Salt Lake Office that issues the final
commitment.
Rural loans
must be completely underwritten prior to submission to Rural Housing.
The
underwritten loan package must be submitted to Rural Housing no later than
September
15th in order to
be guaranteed that a conditional commitment will be issued by the cutoff
deadline of September
30th. Please
note that loans may be submitted after September
15th deadline,
but there are no guarantees that a Conditional Commitment will be issued.
Conditional Commitments will be issued on a first come, first serve basis after
September
15th.
Important
Dates:
September
15th, 2012 –
Underwritten loan must be submitted to Rural Housing.
September
30th, 2012 – Cut off
for issuance of Conditional Commitments for Eagle Mountain, Saratoga Springs,
Tooele City(certain areas of Tooele County will still eligible), and Cedar
City.
October
1st, 2012
– Proposed
boundary adjustment takes place.
|
Square
Feet
|
2010
Population
|
2000
Population
| |
|
Eagle
Mountian
|
44.46
|
21,415
|
2,157
|
|
Hurrican
|
51.2
|
13,748
|
8,250
|
|
Payson
|
8.66
|
18,294
|
12,716
|
|
Saratoga
Springs
|
16.61
|
17,781
|
1,003
|
|
Tooele
|
21.45
|
31,602
|
22,505
|
|
Cedar
City
|
36.83
|
28,857
|
20,527
|
Rural' and
'rural area' mean any open country, or any place, town, village, or city which
is not part of or associated with an urban area and which (1) has a population
not in excess of 2,500 inhabitants, or (2) has a population in excess of 2,500
but not in excess of 10,000 if it is rural in character, or (3) has a population
in excess of 10,000 but not in excess of 20,000, and (A) is not contained within
a standard metropolitan statistical area, and (B) has a serious lack of mortgage
credit for lower and moderate incomefamilies, as determined by the Secretaries
ofAgriculture and HUD. For purposes of this subchapter, any area classified as
'rural' or a 'rural area' prior to October 1, 1990, and determined not to be
'rural' or a 'rural area' as a result of data received from or after the 1990 or
2000 decennial census shall continue to be so classified until the receipt of
data from the decennial census in the year 2010, if such area has a population
in excess of 10,000 but not in excess of 25,000, is rural in character, and has
a serious lack of mortgage credit for lower and moderate income families. (42
USC 1490).
Contact me if you or anyone you know have any questions or would like to look at a list of available homes available.
Courtesy Of Cristie North Branch Manager @ Security National Mortgage
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