<font size=5>Beryl Gosney,<font size=2> Team Leader<br><font size=3>Connect Realty of Puget Sound
Beryl Gosney, Team Leader
Connect Realty of Puget Sound
Connect Realty Inc
Beryl Gosney   .    Direct (425) 344-2222   .   Toll Free (800)-815-4409 x3223 . Email: berylgosney@aol.com
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Western Washington Counties, the USDA support a unique home purchasing program for low income and moderate income families without adequate housing  (but able to financially qualify) to purchase a home.
 
USDA Rural Development has a "GuaranIn various teed Loan Program" for moderate income (up to $70,700 combined income for 2) households.  There is no downpayment required and the home must be located in a rural area.    For Area Income Limits for this program, CLICK HERE. 

The USDA Rural Housing Development Program has boundaires for rural purchases. Click the county link which follows, for the USDA map for Snohomish Co and King Co.

You will need to work with a USDA Lender on an application for the program.  As your buyers agent, I (BERYL GOSNEY), perhaps you would like to contact my personal lending associate at Mortgage Advisory Group, who is totally familiar with the USDA programs:   
                                                           
                                                              Edwin Argueta
                                                       Mortgage Advisory Group
                                                               (206)-551-5994
                                                        eargueta@magloans.net
                                   
USDA also has a program available for low income households ($49,200 or less for 2 income earners) who do not qualify for a loan thru a bank.  It is called the 502 Direct program. 

Section 502 loans, are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area. For Area Income Limits for this program, CLICK HERE.  Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.  In addition, applicants must have reasonable credit histories.

Approved lenders under the Single Family Housing Guaranteed Loan program include:

  • Any State housing agency;
  • Lenders approved by:
    • HUD for submission of applications for Federal Housing Mortgage Insurance or as an issuer of Ginnie Mae mortgage backed securities;
    • the U.S. Veterans Administration as a qualified mortgagee;
    • Fannie Mae for participation in family mortgage loans;
    • Freddie Mac for participation in family mortgage loans;
  • Any FCS (Farm Credit System) institution with direct lending authority;
  • Any lender participating in other USDA Rural Development and/or Farm Service Agency guaranteed loan programs.

Terms: Loans are for 30 years.  The promissory note interest rate is set by the lender.

There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.

Standards: Under the Section 502 program, housing must be modest in size, design, and cost.   Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards.  Existing manufactured housing will not be guaranteed unless it is already financed with an HCFP direct or guaranteed loan or it is Real Estate Owned (REO) formerly secured by an HCFP direct or guaranteed loan.

Approval: Rural Development officials have the authority to approve most low income Section 502 loan guarantee requests.  For Puget Sound region, contact:

                                                   Melanie J. Drecksel 
                                     Area Director, Mount Vernon Area Office 
                                                  USDA Rural Development 
                                             2021 E. College Way, Suite 216
                                                  Mount Vernon, WA 98273
                                                      360-428-4322 ext 158 
                                   Melanie.Drecksel@wa.usda.gov

If you are an individual interested in learning more about a USDA Rural Housing Single Family Housing Guaranteed Loan, please contact the Agency representative below.

This representative can provide you with information on the USDA, Single Family Housing Guaranteed Loan Program.  Be sure to let them know you are using Edwin Arqueta at Mortgage Advisory Group as your lender!

                                             Benjamin (Ed) Reynolds
                                             Phone: (360)-704-7765
                                               Fax: (360)-704-7718
                                      benjamin.reynolds@wa.usda.gov

Basic Instruction:7 CFR Part 1980. 



The USDA Rural Housing Development Program has boundaires for rural purchases. Click the county link which follows, for the USDA map for Snohomish Co and King Co.


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Do you have questions? By all means, please send me (BERYLGOSNEY) an email using the contact form below. I will do all I can to assist you. If you prefer, you can also contact me directly on my cell at 425-344-2222

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Connect Realty of Puget Sound . Beryl Gosney's Private Office in Everett WA -- Call 425-344-2222 . TOLL FREE 800-815-4409 x3223
Broker's State Office: 4009 Bridgeport Way, Tacoma WA 98466 .