USDA welcomes Coast 360 as a new lender for housing program

TIYAN, Guam—USDA Rural Development welcomed Coast 360 Federal Credit Union as an approved lender for the Guaranteed Rural Housing program. As an approved lender, Coast 360 can now extend 100 percent financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings in Guam.

“The Obama administration is working on a regional basis to build networks of strong, self-sustaining rural communities,” said Chris Kanazawa, state director for Hawaii and the Western Pacific. “Our partnership with Coast 360 Federal Credit Union will expand our capability to reach out to more eligible families who desire to realize their dream of becoming first-time homeowners in Guam.”

The guaranteed loan can be used to purchase a new home, build a home, or purchase a pre-existing home and renovate. The loan money can also be used to upgrade water and sewer requirements for the property. The guaranteed loans are for a term of 30 years at a fixed interest rate set by the lender and based on the current market and other criteria. Up to 100 percent financing can be available as there are no down payment requirements.

The home being purchased or built must be modest in size and affordable in cost. If the home is in need of repair, the costs of the repairs can be financed into the loan as long as there is an estimated cost and time frame by which the repairs will be completed. Lenders may also take into consideration energy efficiency improvements of a home.

“Becoming a USDA Guaranteed Rural Housing Lender allows us to make home ownership a reality for our low to moderate income members as well as the community at large,” said Richard Northey, chief executive officer for Coast 360 Federal Credit Union.

Since the beginning of the Obama administration, USDA has assisted 218 first-time homeowners with over $39.3 million in GRH funds for Guam.

“These families more than likely would not have been able to finance their home had it not been for our successful partnership with local lenders,” said Joe Diego, area director. “With Coast 360 joining our network of approved lenders, more eligible families [in] Guam will be able to realize their dream of becoming first-time homeowners.”

USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. (USDA)