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502 Packaging Consortium

RCAC is working in collaboration with nine local nonprofit organizations and the U.S. Department of Agriculture (USDA), Rural Development staff in targeted counties of Arizona and New Mexico to increase the delivery of Section 502 mortgage loans to qualified homebuyers. With the passage of the American Recovery and Reinvestment Act, USDA received an additional allocation of funding for 502 loans. Our pilot augments USDA’s existing staff capacity by providing quality loan packages that are ready for USDA approval.

For questions, please see the Member Participants List for contact information or e-mail 502@rcac.org. Send completed loan package to RCAC, 3120 Freeboard Drive, Suite 201, West Sacramento, CA 95691.

      1. Member Participants List
      2. 502 RD Report 
      3. 502 Processing Chart
      4. 502 Handbook HBI-3550
      5. 502 Single Family Housing Checklist 3550-3-G
      6. Max Loan & Repayment Ratio New Payment Assistance 12-22-09
      7. RH Income Calculator (substitute for 4A 12-22-09) 
      8. Direct Loan Income Limits 
      9. SFH Direct State Area Loan Limits
      10. Homebuyer Education Certificate
      11. Uniform Residential Loan Application RD410-4 
      12. Applicant Reference Letter
      13. Landlord's Verification Form
      14. Credit History Worksheet
      15. Authorization to Release Information
      16. Verification of Employment
      17. Verification of Pensions
      18. Verification of Social Security Benefits
      19. Verification of Public Assistance
      20. Verification of Unemployment
      21. Verification of Support Payments
      22. Verification of Student Income and Expenses
      23. Verification of Child/Dependent Care
      24. Verification of Medical Expenses
      25. Verification of Business Expenses
      26. Record of Oral Verification
      27. Employment and Asset Certification
      28. Verification of Deposit
      29. Verification of Gift/Gift Letter
      30. Option to Purchase Real Property RD 3550-34 
      31. Attachment 5-A Checklist Assessment of Existing Housing
      32. Attachment 5-B Single Family Housing Site Checklist
      33. Verify Eligibility of Property
      34. FEMA - Flood Determination
 

Loans

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