Long Term Resolution on Rural Housing Loans

The Farm Bill recently signed by President Obama keeps the current maps (and extends the population definition of rural area to 35,000 people) – UNTIL AFTER THE 2020 CENSUS. I had previously written that many areas in Connecticut currently eligible for USDA Rural Housing Loans might not qualify for such loans if the 2010 census [...]

By | April 29th, 2014|Uncategorized|Comments Off on Long Term Resolution on Rural Housing Loans

Changes to USDA 100% Financing Eligible Areas

Effective October 1, 2014, barring Congressional action, USDA will begin using 2010 Census data to determine eligible rural areas for Rural Development Housing Programs.  If adoption of the 2010 Census data becomes effective, USDA loans will not be available in many towns that are currently eligible (pre-2010 Census)  for such loans. The first attached map, [...]

By | March 19th, 2014|Uncategorized|Comments Off on Changes to USDA 100% Financing Eligible Areas

Fannie Mae v. Association’s NEW Nine Month Priority

There was some uncertainty created by Connecticut’s law passed last year that extended Condo (PUD’s too) association’s fees priority to 9 months (previously priority in payoff in a foreclosure limited to 6 months). Fannie Mae’s Guidelines only allowed for priority for 6 months – so the issue arose, with the law providing 9 months priority, [...]

By | February 18th, 2014|Uncategorized|Comments Off on Fannie Mae v. Association’s NEW Nine Month Priority