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| Some Areas Losing USDA Eligibility
Changes to federal mortgage program eliminate access for South Jersey towns
Sept. 7, 2012
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Residential government loan programs that require no downpayment on rural properties are being eliminated in some communities. Behind the move is a reclassification of rural areas conducted once a decade.
During this fiscal year, mortgage lenders in New Jersey originated $220 million in home loans that were guaranteed by the US. Department of Agriculture.
But a draft copy of a list of eligible New Jersey towns indicates that several counties will no longer be considered rural. The reduction means that USDA volume in the state could decline unless congressional efforts to extend eligibility are successful. |
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