Loans can also be used to construct buildings or make farm improvements. Usda rural development s section 502 direct loan program provides a path to homeownership for low and very low income families living in rural areas and families who truly have no other way to make affordable homeownership a reality.
Also the home to be purchased must be located in an eligible rural area as defined by usda.
Usda home loans washington. Fsa loans can be used to purchase land livestock equipment feed seed and supplies. 7 cfr part 3555 this part sets forth policies for the single family housing guaranteed loan program sfhglp administered by usda rural development. Sw in olympia wa 360 704 7740.
On september 28 2020. Visit the usda income and property eligibility website for complete details. For the last 80 years the united states department of agriculture usda has been at the forefront of developing rural america.
Hb 1 3550 direct single family housing loans field office handbook. Single family housing programs trudy teter director 360 704 7731 trudy teter wa usda gov southwest area office covers pierce thurston mason grays harbor and lewis counties. Funds can be used to build repair renovate or relocate a home or to purchase and prepare sites including providing water and sewage facilities.
Contact mitzi patton at 509 323 3007 with questions. This means either the interest rates remain fixed throughout the loan tenure or the rates fluctuate as per the current market conditions. How may funds be used.
On april 30 1935 president franklin d. What governs this program. Roosevelt signed executive order 7027 which established the resettlement administration what we know today as usda rural development.
Eastern area housing office wenatchee wa has offices in spokane and yakima 509 663 4019. In order to be eligible for many usda loans household income must meet certain guidelines. Fsa state office 1107 e sprague ave 303 spokane valley wa 99206 email.
Welcome to usda home loans. Usda provides homeownership opportunities to low and moderate income rural americans through several loan grant and loan guarantee programs. The best home loans in washington usda home loans.
It addresses the requirements of section 502 h of the housing act of 1949 as amended and includes policies regarding originating servicing holding and liquidating sfhglp loans. Why does usda rural development do this. To learn more about usda home loan programs and how to apply for a usda loan click on one of the usda loan program links above and then select the loan program.
Home loans are either fixed rate mortgages or adjustable rate mortgages. The median home value in washington is 272 900. Applications must be received in the fsa office by 4 30 p m.
Mitzi patton usda gov or fax at 855 843 1172. Loan funds may be used to help low income individuals or households purchase homes in rural areas. Western area housing office olympia wa has offices located in mount vernon port angeles.