What is a USDA Loan?
A USDA Guaranteed Loan is Government insured
100% purchase loan. These Loans are only
offered in rural area's and serviced by direct
lenders that meet federal guideline's.
There is no Mortgage Insurance required, which can save you thousands. 
USDA loans can be used both for purchasing homes or refinancing existing mortgages.
In order to be eligible for a USDA Guaranteed home loan, the borrower must meet income requirements and the property must be within the allowable map area. Both links are provided below.
This program is administered by USDA Rural Development, which serves the public nationwide.
More rural individuals and families may be eligible to become homeowners with the help of a
USDA guaranteed home loan. Through USDA’s Guaranteed Rural HousingLoan Program, low- and moderate-
income people can qualify for mortgages even without a down payment.
To be eligible, applicants must meet income guidelines for Washington the link is: http://www.rurdev.usda.gov/rhs/sfh/GSFH_Income_Limits/WA%20GRH.pdf
Be a U.S. citizen, qualified alien, or be legally admitted to the United States for permanent
residence.
Have an adjusted annual household income that does not exceed the moderate income
limit established for the area. A family’s income includes the total gross income of the
applicant, co-applicant and any other adults in the household. Applicants may be eligible to
make certain adjustments to gross income— such as annual child care expenses and $480for each
minor child—in order to qualify.
Have a good credit history that indicates a reasonable willingness to meet obligations.
Hav repayment ability based on certain ratios set by guidelines.
Homes That Qualify:
Property eligibility area Map. (Click here to see if your property address is within an approved USDA Area) http://eligibility.sc.egov.usda.gov/eligibility/eligibilityAction.do?pageAction=countyMap&st=53&state=WA&cnty=061
Guaranteed loans can be made on either new or existing homes. Existing homes must be structurally sound,
functionally adequate, and in good repair.
There are no restrictions on the size or design of the home financed.
Homes must not be used for income-producing purposes.
Loans may be for up to 100 percent (102 percent
if the guarantee fee is included in the loan) of appraised value or for the acquisition
cost, whichever is less.
Types of Mortgages and Rates Click here it get approved 
Mortgages are 30-year fixed rate at market interest rates.
Loans may include funds for closing costs, the guarantee fee, legal fees, title services, cost of
establishing an escrow account and other prepaid items, if the appraised value is higher
than sales price.
Sellers may contribute to the buyer’s closing costs.
Loans may be made to refinance either existing USDA Rural Development Guaranteed
housing loans or our Section 502 Direct housing loans.
For purchase loans, a one-time guarantee fee equal to 2.0 percent of the loan amount is
charged to the lender.
The charge for refinance loans is 0.5 percent. Typically, the lender passes on this expense to
the borrower as a closing cost.
After the one-time fee is paid, there is no recurring monthly expense charged for
guaranteeing the loan.
Rich Rano Senior Loan Specialist MLO-120146
425-773-3100
Quintet Mortgage LLC MB-68255
19031 33rd Av W Suite 309, Lynnwood, WA 98036
