Chapter 12 “property and appraisal requirements”

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Usda rural development property and income eligibility website: ... appraisers must utilize appraisal forms acceptable to fannie mae, freddie mac, hud, or.

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Table of contents
Table of contents
12.1 Introduction
1
    12.2 OVERVIEW
    1
      12.3 rural area designation [7 CFR 3555.201(a)]
      1
      12.4 SITE REQUIREMENTS [7 CFR 3555.201(b)]
      3
        12.5 Residential appraisal reports
        5
        12.6 Water and wastewater disposal systems [7 CFR 3555.201]
        12
        12.7 Street access and road maintenance [7 CFR 3555.201]
        16
        12.8 modest housing
        17
          12.9 Existing and New dwellingS
          17
          12.10 hazard Identification
          24
            12.11 condominiums and planned unit developments
            27
            12.12 single-CLOSE features
            30
              12.13 LENDER REQUIREMENTS
              31
                12.14 construction contractor-builder REQUIREMENTS
                32
                  12.15 ELIGIBLE Loan Costs
                  33
                    12.16 plan and thermal certification
                    35
                      12.17 Appraisals
                      35
                        12.18 Builder warranty
                        35
                          12.19 Loan approval process
                          35
                            12.20 LOAN CLOsing
                            35
                              12.21 Age of documents
                              37
                                12.22 issuance of the loan note guarantee
                                37
                                  12.23 construction draws
                                  37
                                    12.24 change orders
                                    38
                                      12.25 cash back to borrower
                                      38
                                        12.26 mortgage file documentation
                                        38
                                          12.27 UNPLANNED CHANGES DURING CONSTRUCTION
                                          39
                                            12.28 REHABILITATION AND REPAIR WITH PURCHASE OF EXISTING
                                            39
                                              DWELLINGS
                                              39
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                                              HB-1-3555 12-1 (00-00-00) SPECIAL PN Revised (00-00-00, PN 12.1 INTRODUCTION Lenders must ensure the property to be purchased is eligible for the SFHGLP. The Agency’s minimum property requirements serve to protect the borrower’s interest, minimize the lender’s loss, and reduce the potential risk to the government in the event of liquidation. It is the lender’s responsibility to ensure that the property meets the Agency’s standards. SECTION 1: UNDERWRITING THE PROPERTY [7 CFR 3555.201] 12.2 OVERVIEW The lender must ensure the subject property meets the Agency’s site guidelines. In particular, sites must be located in eligible rural areas; meet community standards regarding utilities, including water and wastewater systems; meet street and road access and maintenance requirements; and contain other amenities essential to the continued marketability of the home. This section addresses each of these standards. 12.3 RURAL AREA DESIGNATION [7 CFR 3555.201(a)] Only loans secured by properties...

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