RurAL CAP is pleased to announce that we are a certified USDA Rural Development 502 direct mortgage loan packager.
RurAL CAP is certified to accept 502 direct mortgage loan applications from potential home buyers for the purchase of a modest home in Rural Alaska. We offer a pre-screening process to determine if a potential home buyer may qualify for this financing before completing a full mortgage loan application. If the potential home buyer requires budgeting or credit counseling before they may qualify, RurAL CAP can provide these services and will, to the best of our ability, work with the client to assist them in becoming a homeowner.
Benefits to choosing RurAL CAP as your certified 502 loan packager:
- Certified loan packages will receive priority processing by USDA Rural Development. This means a faster eligibility determination than those applications that are submitted directly to them.
- RurAL CAP staff are available and can respond to questions regarding the application quickly and can be available after business hours via email.
- You can complete an easy pre-screening application to see if a 502 direct mortgage loan is right for you prior to completion of a full mortgage loan application.
- RurAL CAP staff can assist you with credit related issues.
- RurAL CAP staff may be able to assist you with finding and applying for down payment assistance programs.
RurAL CAP’s Packaging fee is $1750
This fee can be paid by the seller or potentially included in the loan as determined by the appraisal of the home. USDA Rural Development Does not charge loan origination fees, doc prep fees, up front or monthly mortgage insurance fees, or commitment fees making the certified packaging fee an affordable option as compared to other mortgage loan products (conventional, FHA, VA, etc.)
For more information or to apply:
Rural Alaska Community Action Program, Inc. (NMLS #396638)
Mi’shell L. French (NMLS #375937)
44539 Sterling Highway, Ste. 107
Soldotna, AK 99669