Section 502

Section 502 guaranteed and direct loan programs are as follows.

Section 502. Department of agriculture 502 loan is a federally guaranteed loan designed to encourage home ownership in rural areas. Section 502 allowance of claims or interests a a claim or interest proof of which is filed under section 501 of this title is deemed allowed unless a party in interest including a creditor of a general partner in a partnership that is a debtor in a case under chapter 7 of this title objects. There is also a separate section 502 loan guarantee program.

Rural development handles the servicing. Section 502 direct is operated by the u s. Section 502 e of the house amendment contains language modifying a similar section in the house bill and senate amendment.

You qualify for the usda 502 home loan program by meeting the. Publication 502 main contents what are medical expenses. The lender for section 502 guaranteed loans is a private savings and loan institution bank or mortgage company which also handles all the loan servicing.

Section 502 loans are a rural housing loan program administered by the rural housing service rhs authorized under section 502 of the housing act of 1949 borrowers may obtain loans for purchasing or repairing new or existing single family housing. Also known as the section 502 direct loan program this program assists low and very low income applicants obtain decent safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant s repayment ability. The lender for the direct program is the rural housing service.

Department of agriculture s rural development housing and community facilities programs office rd. The section 502 direct loan program offers mortgages for low income homebuyers in rural areas. Section 502 e 1 states the general rule requiring the court to disallow any claim for reimbursement or contribution of an entity that is liable with the debtor on or that has secured the claim of a creditor to any.