Friday, September 27, 2013

Changes for USDA rural development housing loans - Arizona Range News: News

Changes for USDA rural development housing loans - Arizona Range News: News





In March, Congress extended the use of the 2000 census numbers for determining whether rural communities are eligible for USDA Rural Development housing loans and grants. That extension expires on Sept. 30, 2013. Barring any additional Congressional action, as of Oct. 1, the 2010 census numbers will be used to determine rural eligibility. 

Rural Development may continue to process applications on hand received prior to the time an area has been determined to be not “rural”. Complete Single Family Home Direct and Guaranteed loan applications submitted on or before Sept. 30, 2013, will not be subject to the new rural area designations, providing the application is complete. Applications received by close of business on Sept. 30, and processed on/after Oct. 1, will be subject to the newly designated rural areas if the application is incomplete.

USDA Rural Development 502 Loan Application

For the purpose of Obtaining a Rural Development Rural Housing 502 Direct Loan to purchase a single family 
dwelling, the following information, along with thisform, must be submitted:

Name of Applicant(s): __________________________________________________________
Address of Dwelling to be Purchased: ______________________________________________
Important: Form RD 410-4, “Uniform Residential Loan Application” and Form RD 3550-1, “Authorization to 
Release Information,” must be completed in its entirety signed and dated or the application will not be 
considered complete.
____ Form RD 410-4 UNIFORM RESIDENTIAL LOAN APPLICATION 
Complete entire form and Put N/A in area’s not applicable sign and date pages 5 and 8
____ Form RD 3550-1 AUTHORIZATION TO RELEASE INFORMATION 
This form must be signed by ALL adult members of the household
** To further expedite the processing of your application, please submit the following items:
____ Copy of four current and consecutive pay stubs.
____ Form RD 3550-4, “Employment and Asset Certification”
____ Copies of prior 2 year Federal income tax return and W-2 forms.
____ Copy of two current and consecutive bank statements (for all accounts)
____ Copy of photo identification (i.e. drivers license, state issued ID card, etc.)
____ Copy of taxpayer identification card (Social Security Card)
____ Written evidence of ALL other Household Income (i.e. AFDC, Child Support, Food Stamps, Alimony, 
Unemployment, Retirement, Social Security, etc.)
____ Copy of Divorce Decree, legal separation and/or child support judgment.
____ Residential Mortgage Credit Report: In order to request a credit report, it is necessary that you submit a 
non-refundable credit report fee of: $32.00 for Single & Joint Applicants. This must be in the form of a 
check or money order payable to: Rural Housing Service

____ Copy of legal U.S. residency card, if not a U.S. citizen.