“The mortgage borrower must confirm that the property has safe pedestrian access and adequate access to a vehicle from a public or private road. Roads must be either dedicated to public use and maintenance or preserved as private roads protected by permanent registered easements. Private roads, including common entrances, must be protected by easements, permanently registered shares of ownership or be in possession and maintain an HOA. Common entrances do not require a common maintenance contract. USDA accurately reflects FTA requirements. USDA Guaranteed Loans require that private roads be protected by a permanent registered easement or that the road be maintained by a HOA. This credit program does not require proof of a private road maintenance contract. But what if the road is washed or neglected over time? Mortgage lenders and credit agencies want to make sure the roads remain passable. In addition, VA requires the road to have an all-weather surface. Sub-authors will need to check these points in the VA Notice of Value (NOV), which is the verification of a VA assessment.
VA insurers must prove that there is a provision for the continuation of maintenance of the private road. Public housing agencies that offer acompts assistance or subsidies usually follow the first mortgage guidelines. If you are using a first FHA mortgage with DPA, priority should be given to FHA road maintenance policies. Chapter 12 of va Lenders Handbook states that private roads must be protected by a permanent easement maintained by an HOA or joint maintenance contract, and roads must have an all-weather surface.