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Posted by on Mar 12, 2013 in Central, John Gephart, Latest News, Waikele, Waipahu | 0 comments

UPDATE:  NEW AREAS ADDED!…to USDA Financing on Oahu Until 9/30/13…To Be Continued

UPDATE: NEW AREAS ADDED!…to USDA Financing on Oahu Until 9/30/13…To Be Continued

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UPDATE: May 30, 2013 – USDA areas added effective immediately!!!

Announcement from USDA offices effective immediately:
· Ewa Beach – West Loch, Ewa Villages and Ocean Pointe
· Waikele
· Maili
· Makaha
· Waimanalo
· Ahuimanu, from the north side of Haiku Road and all areas north to Kahuku
· North Shore
· Whitmore Village
· Waipio Acres

UPDATE: March 28, 2013
Announcement from our local USDA office:

“The current eligible rural areas will continue until September 30, 2013, since we will defer transition to the 2010 census information until that time. So, the current eligible areas will remain eligible, and there will be no new eligible areas at this time.”

The current USDA Rural eligible areas unitl 09/30/2013 are:

OAHU:
Village Park and Royal Kunia subdivisions
Ewa Beach
Makakilo
Kapolei
The entire Waianae Coast
Central Oahu – from Whitmore Village, north to the North Shore; also the Kunia area
The entire North Shore
Windward Oahu – from Kahuka, south to Ahuimanu
Waimanalo – from Olomana Golf course to Seal Life Park

UPDATE: March 20, 2013 Just in from my lender…
USDA has not issued a formal announcement on the changes to the eligible areas which will take effect March 27, 2013. The areas that will become ineligible, if Congress does not pass an extension, are Ewa Gentry, the old Ewa Beach area, Kapolei (and Makakilo), Royal Kunia, Village Park, Nanakuli and Waianae.

Effective March 27, 2013, the preliminary list of eligible areas are:
· Ewa Beach – West Loch, Ewa Villages and Ocean Pointe

· Waikele

· Maili

· Makaha

· Waimanalo

· Ahuimanu, from the north side of Haiku Road and all areas north to Kahuku

· North Shore

· Whitmore Village

· Waipio Acres

If you are in contract to purchase under USDA in a soon to be an ineligible area, your buyer must get their Commitment from USDA by 3/27/2013.

By April of 2013, 100% USDA financing on the island of Oahu will experience major geographic changes on what neighborhoods are eligible. USDA financing is a governement program that is available to low density population areas, to increase home ownership. In the past, USDA financing was available to most of the leeward side of the island, including Oahu’s second city of Kapolei and neighboring Ewa Beach. In these areas, many people took advantage of this 100% financing opportunity to keep more money in their pocket and utilize the record low mortgage interest rates. Although these areas kept on growing in population, the USDA kept on extending the financing period and adding additional time. This will be coming to the end at the end of March, 2013.

Some major areas on Oahu will be disappearing from the 100% USDA financing. The major neighborhoods that will be disappearing from USDA eligibility will be: Kapolei, majority of Ewa Beach, Makakilo, Nanakuli, Waianae.

The areas that will remain are: Maili, Makaha, Ocean Pointe (Ewa), Ewa Villages, Village Park, Waimanalo to name a few.

The areas that will be added are: Waikele, Waipio Acres/Waikalani Woodlands, Ahuimanu (these are the most notable).

There is still opportunity if you are looking to take advantage of USDA financing. A lot of houses and townhouses are available in the neighborhoods mentioned and it is great to see the addition of neighborhoods such as Waikele, Waipio Acres and Ahuimanu (Kaneohe) into the mix.

gephartjohnFor more information on searching for real estate and getting pre-approved for USDA financing, please contact John Gephart at 808.203.7424 or visit www.ActiveHawaiiRealEstate.com. If you know you will need to use the 100% USDA financing to purchase your new home, then it is important to begin looking at the new areas now so you can be thoroughly prepared when the change takes place in a couple weeks!

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