Appraisal and property requirements

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An applicant would like to purchase a dwelling and an adjacent, vacant lot with the same usda loan. is this acceptable? page 31. frequently asked questions… yes ...

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1Appraisal and Property RequirementsPresented by: Kendra Harmon, Finance and Loan Analyst, Lender and Partner Activities Branch 2Today’s TopicsSFHGLP Handbook 1-3555, Chapter 12Regulation 7CFR Part 3555 Subpart EAppraisal Review TipsProperty & Site RequirementsFrequently Asked Questions 7CFR Part 3555, Subpart E –Underwriting the Property7 CFR, Part 3555It’s the Rule…3555.201 Site Requirements3555.202 Dwelling Requirements3555.205 Special Requirements for Condominiums3555.207 Special Requirements for Planned Unit Developments Site RequirementsMust be located in rural areas designated by Rural DevelopmentMust be modest in size and site typical for areaMust not have income-producing land or buildingsMust have contiguous to and have direct access from a street, road or drivewayMust be supported by adequate utilities, water and wastewater Dwelling RequirementsNewVs.ExistingMust be constructed in accordance with certified plans and specsMust meet HUD 4000.1 requirementsMust meet or exc...

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