100% Financing

No down payment requirements, no

reserves, we can finance closing

costs.

No Minimum Credi t Score

We can do loans for borrowers with

no credit scores. Bad credit? Tell us

about it.

38-Year Loan Term

Some applicants will qualify for our

extended loan terms. Ask us how!

1% Interest Rates

Most applicants will qualify for our

low, subsidized rates. Ask us how!

USDA 502Direct Loans

A r e y o u o f f e r i n g y o u r c l i e n t s e v e r y

p o s s i b l e o p t i o n ?

USDA Rural Development Area Office Contacts:

Corvallis - 541.750.7126 Serving

Clackamas, Clatsop, Columbia, Marion,

Multnomah, Polk, Tillamook, Washington, Yamhill,

Benton, Lane, Linn & Lincoln Counties

Redmond - 541.923.4358 Serving Crook,

Deschutes, Harney, Hood River, Jefferson,

Sherman, Wasco, Klamath & Lake Counties

Roseburg - 541.673.6071 Serving Coos,

Curry, Douglas, Jackson & Josephine Counties

Pendleton - 541.278.8049 Serving Baker,

Gilliam, Malheur, Morrow, Umatilla, Union, Wallowa

& Wheeler Counties.

W W W . R U R D E V . U S D A . G O V / O R 1201 NE Lloyd Blvd. Suite 801 Portland, OR 97232 Tel 503.414.3395 Fax 503.414.3394

W e o f f e r a l o a n f r o m t h e

g o o d o l d d a y s

Are you tired of turning away

potential clients? Have traditional

lender guidelines prevented you

from servicing your challenged

customers? Let USDA Rural

Development help. We have a

loan program that is designed for

low and very low income

borrowers in rural areas. We can

do things that your other lenders

have never dreamed of. Give us

an opportunity to show you how

easy it is to offer financing to

clients you never thought possible.

Contact one of our Area Offices

today!

USDA is an equal opportunity provider, employer and lender.

If you wish to file a complaint of discrimination, write USDA, Director,

Office of Civil Rights, 1400 Independence Ave., S.W., Washington, DC

20250-9410 or call (800) 795-3272 (voice) or (202) 720-6382 (TDD).

http://www.rurdev.usda.gov/or/USDA is an equal opportunity provider, employer and lender. If you wish to file a complaint of discrimination, write USDA, Director,

Office of Civil Rights, 1400 Independence Ave., S.W., Washington, DC 20250-9410 or call (800) 795-3272 (voice) or (202) 720-6382 (TDD).

In these tough t imes, coming up wi th the money to repai r and mainta in your

home can be d i f f icu l t . I f you or someone you know is in need of cr i t ica l

home repai rs , such as a damaged roof or sewer connect ion, USDA Rura l

Development might be able to he lp. Our loans and grants are des igned for

very low income households in rura l areas. We can help make your most

prec ious asset a home again. P lease contact your USDA Rura l Development

Area Of f ice to f ind more in format ion and apply .

USDA 504 Grants & LoansHelping!Restore!Your!Most!Precious!Asset!

USDA Rural Development Area Offices:

Corvallis - 541.750.7126 Serving Clackamas, Clatsop, Columbia, Marion, Multnomah, Polk, Tillamook, Washington, Yamhill, Benton, Lane, Linn & Lincoln Counties

Redmond - 541.923.4358 Serving Crook, Deschutes, Harney, Hood River, Jefferson, Sherman, Wasco, Klamath & Lake Counties

Roseburg - 541.673.6071 Serving Coos, Curry, Douglas, Jackson & Josephine Counties

La Grande - 541.963.4178 Serving Baker, Gilliam, Malheur, Morrow, Umatilla, Union, Wallowa & Wheeler Counties.

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“Rural” Opportunity!

USDA Rural Development Guaranteed Loan Program 100% financing increases affordable homeownership opportunities!

Guaranteed Rural Housing Loans offer 100% financing designed to bridge the gap between government and private mortgage lending which exists in many rural areas. Guaranteed loans fill a tremendous need for thousands of rural individuals and families who have the income, but lack the downpayment ability, or face other homeownership challenges.

When participating banks, savings and loans, credit unions, mortgage companies, mortgage brokers, and other participating institutions choose 100% financing through the Guaranteed program for their clients—everyone wins!

Guaranteed loans offer lenders exceptional flexibility and creative financing solutions to say “YES” to more homebuyers. 100% financing with Guaranteed loans provide superior affordable mortgage terms to homebuyers and reduced risk to the lender.

Do you serve: !" First time homebuyers

!" Move-up homebuyers

!" Low and moderate income buyers

!" High cost area homebuyers

!" Elderly, fixed income homebuyers

!" Emerging market demographic homebuyers with

no or nontraditional credit histories

!" Other special need homebuyers

100% financing: Guaranteed loan benefits: !" No downpayment

!" No monthly mortgage insurance = lower payment

!" No maximum loan amount

!" Flexible credit guidelines

!" Expanded qualifying ratios

!" Buydowns, MCC’s, gift, and grant funds, seller

concessions allowed

!" Existing homes

!" New construction, modular and manufactured

homes allowed including purchase of site !" Loans may include closing costs, guarantee fee,

legal fees, cost to establish an escrow account, and other eligible pre-paid items

Please see reverse side for more details .

“This institution is an equal opportunity provider, and employer”.

To file a complaint of discrimination, write USDA, Director, Office of Civil Rights 1400 Independence Avenue, S. W. Wash-

ington D.C. 20250-9410, or call (800) 795-3272 (voice), or (202) 720-6382 (TDD) .

100% financing: Guaranteed loan benefits for lenders: !" Lenders use their own customary loan application,

tri-merged credit reports, etc.

!" 100% percent loan to value: The maximum

loan limit is 100 percent of the appraised value. The guarantee fee may be rolled in above the ap-praised value.

!" No downpayment or contribution from borrower

funds is necessary !" No monthly mortgage insurance, clients enjoy

lower monthly payments !" Expanded qualifying ratios of 29 / 41.

Lenders may exceed these ratios to accommodate qualified homebuyers upon request

!" Flexible credit guidelines:

* Streamline documentation for scores 620 and above * Nontraditional credit histories accepted * Utilities, rent history, cell phone, car/renters insurance are acceptable nontraditional credit sources * Bankruptcies and foreclosures discharged less than 3 years may not affect eligibility

!" 30 year competitive fixed rates

!" Moderate income limits apply, however eligible

deductions assist more homebuyers to qualify !" 2-1-0 buydowns allowed, qualify homebuyer at

first year rate !" Permanent buydowns allowed

!" Low income applicants (80% of HUD median

income level or below) may qualify to finance the cost of a permanent buydown into their loan.

!" Mortgage Credit Certificates, gift, and grant funds

allowed !" Homes must be located in eligible rural areas

!" Existing, new construction, modular, and new

manufactured homes are eligible !" Condominiums, duplexes, and townhouses are

eligible (check legal description for your area)

!" Lender is insured up to 90% of the original loan

amount in the event of a loss. !" Secondary market options available include but are

not limited to Fannie Mae, Freddie Mac, and Ginnie Mae pools.

!" Service retained or service released options are

available per approved lenders. !" Many state housing finance agencies participate

!" HUD goals rich, including CRA credits

!" Approved lenders underwrite and approve loans

!" Loan commitments are issued within 48 hours from

receipt of a complete file to USDA Rural Development

!" Free training available for lenders, underwriters,

processors, real estate professionals, appraisers, home inspectors, and other finance professionals upon request

!" Free access to all websites, servicing software,

forms, and program updates

Visit our website: www.rurdev.usda.gov/rhs Income & Property Eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

For more information contact:

Rod Hansen: 503-414-3353 rod.hansen@or.usda.gov 866-923-5626, ext. 1

Working with USDA Rural Development Becoming an approved lender and loan file flow

Lender Approval Process: Please contact the National Office for national or multiple state approval: USDA Rural Development Guaranteed Loan Division, Room 2250-S, 1400 Independence Ave., S.W., Washington, DC 20250-0784. Lenders please submit: !" RD 1980-16, “Agreement for Participation in SFH Guaranteed Loan Program”

!" Tax Identification number

!" Verification of approval by Fannie Mae, Freddie Mac, FHA, VA, or HUD

!" Names, titles, and responsibilities of principal loan officers.

!" Contact person for SFHGLP guarantees; name, phone, email, and fax

!" Outline of internal underwriting criteria for credit and repayment histories

!" Quality control plan for monitoring loan production and servicing

!" Agreement to use HUD approved forms such as those created by Fannie Mae, Freddie Mac, FHA,

etc.

Guarantee Application Process: !" Lender submits an underwritten, and approved loan package to Rural Development, including a

complete 1980-21 “Request for SFH Loan Note Guarantee” !" Rural Development will reserve funding and review the request for program eligibility only.

If the applicant(s) meet the loan and eligibility criteria then a 1980-18 “Conditional Commitment for a Rural Development Loan Guarantee will be issued to the field. The lender determines that applicants, loan, and property meet Rural Development eligibility requirements, and underwrites the loan.

!" Lender will close the loan and certify that any conditions listed on the 1980-18 have been met which

include sending in post closing documents such as promissory note and 3.5% guarantee fee or 2.25% refinance guarantee fee.

!" Rural Development will issue a 1980-17 “Loan Note Guarantee” to the lender.

!" Lender will submit a 1980-11 “Guaranteed Rural Housing Lender Record Change” if the loan is sold

or transferred post closing.

FREE TRAINING AND SUPPORT AVAILABLE!

For more information please visit our website: www.rurdev.usda.gov/rhs

Property & income eligibility: http://eligibility.sc.egov.usda.gov/eligibility.welcomeAction.do