There is good news for homebuyers looking to find their dream home in St. Cloud. Based on data provided in the most recent U.S. Census, the United States Department of Agriculture was planning to eliminate St. Cloud from the eligibility area for the USDA home loan program. The impending change caused a considerable amount of anxiety for homebuyers in St. Cloud and created a race against the clock as their October loan submission deadline approached. In fact, Buyers that weren’t able to complete their loan application process in time to have it submitted to the USDA by their lender, ended up having to either cancel their home purchase altogether or change their loan at the last minute - meaning they now needed to find an additional 3.5 percent of their purchase price for their down payment.

The good news came when the USDA announced the delayed change to the eligibility maps - essentially creating an opportunity for some homebuyers to once again begin their home search in St. Cloud.

We've all watched House Hunters on HGTV. Homebuyers (sometimes in it for the first time) are shown three houses, each one fitting their needs in one way or another, but not having quite everything on their wish list. Then they sit down, usually in some quaint little coffee shop, and talk over the pros and cons of each property and just minutes later have picked the house for them. 

We have all heard the adage, “location, location, location” when it comes to buying a new home. And, although location is and will always be extremely important, a homebuyer should really be thinking “interest rates, interest rates, interest rates”.