NWRHA Provides Intermediary Review for USDA Section 502 Loans
Northwest Regional Housing Authority is one of nine nonprofits across the United States selected to assist the U.S. Department of Agriculture's (USDA) Rural Housing Service as an intermediary overseeing the low-income housing loan application processing in 16 states.
NWRHA executed a memorandum of agreement with the USDA designating it as an intermediary in the certified packaging process for the USDA Section 502 Single Family Housing (SFH) direct loan program.
USDA Section 502 loans allow very low/low-income applicants to purchase homes in eligible rural areas. The USDA requires these loan applications to be submitted for consideration through an intermediary unless they meet opt-out requirements.
As an intermediary, NWRHA reviews loan packages for quality assurance and provides supplemental training to improve the quality of loan applications. NWRHA works with 501(c)3 non-profit agencies to ensure a complete loan package is submitted for approval, including providing a USDA approved checklist and assisting with any issues encountered during the process. NWRHA provides assistance in completing the required documentation for the Section 502 loan program, which differs based on each applicant's situation.
NWRHA also offers supplemental training for the Section 502 loan program for the non-profit entities it serves.
NWRHA serves as a quality assurance intermediary for the following states and U.S. territories: Arkansas, Connecticut, Illinois, Iowa, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Missouri, New Hampshire, New Jersey, Oklahoma, Puerto Rico, Rhode Island, Vermont, the Virgin Islands, and Wisconsin.
For more information on the Section 502 Single Family Housing direct loan program or NWRHA intermediary services, please contact:
Becky Richardson 317 Industrial Park Road Harrison, AR 72601 Phone: 870.743.6779 Email
Vickey Stratton Intermediary Director 317 Industrial Park Road Harrison, AR 72601 Phone: 870.743.6779 Email