Section 502 Land Loans

US Department of Agriculture Rural Housing | GovHomeLoans – Loans may be made for the purchase of an existing home or to build a new house. Loan funds may also be used to repair or renovate a house being purchased through our program. The standard term for a Section 502 loan is 33 years, but 38- year loans are available to those who cannot afford a 33- year loan.

Section 523 loans – Wikipedia – Section 523 loans are a mutual self-help rural housing program authorized under Section 523 of the Housing Act of 1949 (42 U.S.C. 1441 et seq.) and administered by the Rural Housing Service (RHS). Nonprofit organizations may obtain 2-year loans to purchase and develop land that is to be subdivided into building sites for housing.

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The Rural Development loans is also sometimes called a "Section 502" loan, which is refering to section 502(h) of the Housing Act of 1949, which makes the program possible.

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USDA 502 Direct Loan (Acreage limits and new const. – I’d like to hear from anyone who has purchased land and built a new home on it using the USDA 502 Direct loan. I have my eye on 3 acres, that cannot be subdivided, in a small gated community with a POA (property owners association) in east Texas. My loan is for $139,600 and the 3 acres is selling for $12,500.

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