Bad News First! Effective January 2014, Connecticut will see a decrease in the number of towns eligible for the USDA Guaranteed Rural Housing Program.
Ineligible Towns appear to include: Brookfield, Canton, East Hampton, Granby, Newtown, Oxford, Seymour,Shelton and Southbury.
Realtors and Borrowers should keep in mind that the cutoff for this change is based on a USDA Loan Commitment by January 2014 and not when the loan is submitted to a lender. This means that if an application is submitted in 2013, but not approved and committed to by the USDA before January 2014 and the property is in one of the ineligible towns, the loan will not receive funding as a USDA loan.
The Good News! There does not appear to be any change in the features and benefits of this attractive financing option.
