RHS amended the eligibility area maps under the Single Family Housing Guaranteed Loan Program. Effective October 1, 2023, all properties for new applications must be located in an eligible rural area based on the new eligibility maps. A property that is located in an area being changed from rural to non-rural may be approved if all of the following conditions are met:
- The application is dated and received by the lender prior to October 1, 2023, and the Loan Estimate was issued by the lender within 3 days of application receipt;
- The borrower has a signed/ratified sales contract on a property that is dated prior to October 1, 2023; and
- The borrower meets all other loan eligibility requirements.
If the property is located in an area being changed from rural to non-rural, lenders must provide the following information to RHS (in addition to all other required documentation):
- A copy the signed/ratified and dated sales contract;
- A copy of the Loan Estimate issued to the applicant; and
- Verification that the property was located in an eligible rural area prior to October 1, 2023.
Click to view the RHS SFH Guaranteed Origination Notice: https://www.tenaco.com/wp-content/uploads/2023/09/RHS-SFH-Guaranteed-Origination-Notice-09-08-23.pdf
