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National Housing Law Project
Rural Housing Service

Section 502 Homeownership Loans

Description:
Direct loans made to low and moderate income household for the purchase construction or rehabilitation of a single family homes located in rural areas. To make the loans affordable they are subsidized by RHS to varying degrees depending on household income. Loans are typically made for a term of 33 years.
  
Statutes:

42 U.S.C. §§ 1471 and 1472
Regulations:

7 C.F.R –

Part 1924 Subpart F -- Compensation for Construction Defects
§3550.4 Reviews and Appeals
§3550.52 Eligible loan purposes
§3550.53 Eligibility Requirements
§3550.54 Calculation of income and assets
§3550.67 Repayment Period
§3550.67 Payment Subsidies
§3550.69 Deferred mortgage payments
§3550.160 Refinancing with private credit
§3550.162 Recapture
§3550.204 Payment Assistance
§3550.205 Delinquency Workout Agreements
§3550.207 Moratorium
§3550.208 Reamortization
§3550.211 Liquidation (Foreclosure and Reconveyance)
  
Handbooks:

HB-1-3550 DLOS Field Office Handbook
HB-2-3550 DLOS Centralized Servicing Center

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