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Udsa Section 502 Pilot

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William Little

Thread Starter
Sophomore Member
Joined
Feb 23, 2006
Professional Status
Certified Residential Appraiser
State
Colorado
USDA Section 502 Pilot.

If you are appraising a manufactured home for a USDA loan check with the lender to see if it is a UDSA Rural Development Section 502 Pilot program loan. Typically, FHA guidelines are used for USDA loans. If it is under this Pilot program (limited to certain states and certain applicants) there are additional requirements; specifically, the home has to be built after January 1, 2006. I am sending feelers out to the administrator of the program to see if there are any other differences that appraisers should be aware of. You can't make the assumption that a manufactured home qualifies for all USDA loans just because it meets FHA criteria.
 

William Little

Thread Starter
Sophomore Member
Joined
Feb 23, 2006
Professional Status
Certified Residential Appraiser
State
Colorado
I tried to edit the post title to correct the typo, but the forum would not let me :(
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
If I recall correctly, USDA loans on new HUD code homes but not on existing. I may be mistaken and they may have changed their policy.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
tried to edit the post title to correct the typo,
Titles are opposed to all caps so FHA looks like FHA unless you type it F H A ...It's not your fault and you can't really fix it. Quirk of the site software
 
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