Chapter 5: property requirements - usda rural ...

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Hb-1-3550. chapter 5: property requirements. 5.1. introduction. ensuring that the quality and the value of the property meet certain minimum thresholds is.

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5.1 INTRODUCTION
1
    A. Overview of Property Requirements
    1
      2. Ensuring Adequate Value
      1
        B. Key Processing Steps Related to Property Requirements
        1
          1. Appraisal
          2
            2. Review of Property and Site for Compliance with Agency Standards
            2
              3. Identification and Correction of Deficiencies
              2
                4. Documenting the Acceptability of Seller Completed Repairs
                3
                  5.2 OVERVIEW
                  4
                    5.3 RURAL AREADESIGNATION
                    4
                      1. Assessing Open CountryŽ
                      5
                        2. Assessing PopulationŽ
                        5
                          3. Assessing Serious Lack of Mortgage CreditŽ
                          5
                            4. Assessing Rural in CharacterŽ
                            5
                              B. Special Considerations
                              6
                                2. Exception for Rural Areas Designated Between January 1, 2000 and December 31, 2020.
                                6
                                  3. Contiguous Areas
                                  6
                                    C. Reviewing Rural Area Designations
                                    6
                                      1. Periodic Reviews
                                      7
                                        2. Census Reviews
                                        7
                                          3. Public Notice
                                          7
                                            4. Final Determination
                                            8
                                              5. Designation of Eligible and Ineligible Area Boundary Lines
                                              8
                                                6. Making Loans in Areas Changed to Non-Rural
                                                9
                                                  5.4 MODEST SITES
                                                  10
                                                    5.5 ADEQUATE SITE ACCESS, WATER, AND WASTEWATER SYSTEMS
                                                    10
                                                      5.6 MODEST HOUSING
                                                      11
                                                        A. Establishing Area Loan Limits Within a State
                                                        11
                                                          Loan Limit Requests to Exceed the Standard
                                                          11
                                                            B. Notification
                                                            11
                                                              C. Square Footage Consideration Standards
                                                              12
                                                                2. Minimum
                                                                12
                                                                  D. Prohibited Features
                                                                  12
                                                                    2. Farm Service Buildings and Income-Producing Structures
                                                                    13
                                                                      5.7 DECENT, SAFE AND SANITARY DWELLINGS
                                                                      13
                                                                        A. Existing Dwellings
                                                                        13
                                                                          Special Considerations:
                                                                          14
                                                                            B. New Dwellings
                                                                            14
                                                                              C. Survey Requirements
                                                                              14
                                                                                D. Flood-Related Requirements
                                                                                15
                                                                                  SECTION 3: ENVIRONMENTAL REQUIREMENTS
                                                                                  16
                                                                                  SECTION 4: SECURITY REQUIREMENTS
                                                                                  23
                                                                                  SECTION 6: MANAGING CONSTRUCTION
                                                                                  34
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                                                                                  HB-1-3550 CHAPTER 5: PROPERTY REQUIREMENTS 5.1 INTRODUCTION Ensuring that the quality and the value of the property meet certain minimum thresholds is as important as ensuring that the applicant is willing and able to repay a loan. The Agency imposes quality and value requirements to protect the borrower’s interest and, in the event of liquidation, the Agency’s interest. A.Overview of Property Requirements1.Ensuring QualityFour sections of this chapter deal with quality assurance. Section 1 describes therequirements for approving a site -- its location, its size and amenities, and the adequacy of available utility systems. Section 2 describes requirements for the dwelling itself, which must be modest, but also decent, safe, and sanitary. The standards that apply differ somewhat depending upon whether the dwelling will be newly constructed or is an existing home. Section 3 describes the Agency’s requirements for the protection of environmental resources and the due diligence required wi...

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