# Presentation: 734325

##                                  USDA, Rural Development

**                                        ****502 Guaranteed Single**
**                                        ****Family Housing Program**

- _[www.rurdev.usda.gov/me](http://www.rurdev.usda.gov/me)_
**   ****OBJECTIVE**
**Provide loan guarantees to approved lenders to assist rural Maine families in obtaining affordable housing**
**  ****ELIGIBLE APPLICANTS**
**          ****Families or individuals who:**
** ****Do not already own adequate housing**
** ****Have an adjusted annual family income that does not exceed the moderate income limit for ****	****household size and county where home is to be located.  Income limits are available at ****	****Rural Development offices, from approved lenders and on the internet at:  ****	****http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?Home **
**Have an acceptable credit history**
** ****Cannot obtain needed credit through conventional sources**
** ****Are United States citizens or qualified aliens**
** ****Have a Principal, Interest, Tax and  Insurance (PITI) ratio that does not exceed 29%; and a Total ****	****Debt (TD) ratio that does not exceed 41%**
**ELIGIBLE PROPERTIES**
** ****Must be located in rural areas of Maine.  Based on population, some areas are restricted.  ****	****Descriptions and maps are available at Rural Development offices and on the internet at:  ****	****http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?Home **
**Cannot be located in a flood hazard area**
** ****Lot value cannot exceed 30% of the appraised value; if the lot value exceeds 30% of the total ****	****value, the lender must provide documentation that the lot cost is typical for lots in the ****	****area and cannot be subdivided**
** ****Cannot be an income-producing property**
** ****Cannot contain an in-ground swimming pool**
**      ****Purchase New:   **
** ****Plan certification required**
** ****Must meet Rural Development thermal standards**
** ****Construction phase inspection reports**
**     ****Purchase Existing:**
** ****Must meet current requirements of HUD Handbooks 4150.2 and 4905.1**
** ****Must meet Rural Development thermal standards for existing dwellings, available at our offices**

## LOAN PURPOSES

** ****Purchase new homes**
** ****Purchase existing homes (with or without repair)**
** ****New manufactured homes, purchased through approved dealer/contractors**
** ****Condominiums and Townhouses, if project accepted by HUD, VA, Fannie Mae, or Freddie Mac**
** ****Closing costs when total loan does not exceed 100 percent of market value**
** ****Guarantee Fee, if necessary, loan can exceed market value by amount of fee being financed**
** ****Refinancing, only if current loan is through the Rural Development Direct or Guaranteed ****	****Single Family Housing Loan program**
**RATES & TERMS**
** ****Lender fixed rates, not to exceed Fannie Mae rate for 90-day delivery actual/actual, plus six-****	****tenths of a percent or VA rate first mortgage loans with zero discount points**
** ****30-year term**
** ****No down payment required**
** ****100 percent loan to value financing; or 102 percent if guarantee fee is financed**
**FEES**
**2.0 percent guarantee fee on new obligations, paid at closing**
**.5 percent guarantee fee on any eligible refinance loan**
**For more information regarding the Section 502 Guaranteed Single Family Housing Program visit our web site at ****www.rurdev.usda.gov/me****, or contact the Rural Development Area Office serving your county:**
**	****	**_**State Office**_
**	****	****Michael W. Aube, State Director**
**	****	****Dale D. Holmes, Housing Program Director**
**	****	****967 Illinois Avenue, PO Box 405**
**	****	****Bangor, ME  04402-0405**
**	****	****Tel:  (207) 990-9110**
_**Presque Isle Area Office**_**	****	****	**_**Lewiston Area Office**_
**Richard W. Ireland, Area Director****	****	****Janice M. Stroud, Area Director**
**99 Fort Fairfield Road****	****	****	****254 Goddard Road, PO Box 1938**
**Presque Isle, ME  04769-5015****	****	****	****Lewiston, ME  04241-1938**
**Tel:  (207) 764-4155, Ext. 4****	****	****	****Tel:  (207) 753-9400, Ext. 200**
**Aroostook, Washington, and****	****	****	****Androscoggin, Franklin, Kennebec,**
**Northern Penobscot****	****	****	****Lincoln, and Oxford**
_**Bangor Area Office**_**	****	****	**_**Scarborough Area Office**_
**Raymond S. Roberts III, Area Director****	****	****William F. Bailey, Jr., Area Director**
**28 Gilman Plaza, Suite 3****	****	****	****306 US Route 1, Suite B1**
**Bangor, ME  04401****	****	****	****Scarborough, ME  04074-9774**
**Tel:  (207) 990-3676, Ext. 4****	****	****	****Tel:  (207) 883-0159, Ext. 4**
**Hancock, Knox, Penobscot,****	****	****	****Cumberland, Sagadahoc, and York**
**Piscataquis, Somerset, and Waldo**
**	************************************************
**Rural Development is an Equal Opportunity Lender, Provider, and Employer. Complaints of discrimination should be sent to USDA, Director, Office of Civil Rights, Washington, D. C.  20250-9410, or call (800) 759-3272 (voice)                     or (202) 720-6382 (TDD)**
**October 20, 2005**