what is the difference between a standard usda loan and a section 502 loan?

It's the same thing... USDA loans are sometimes referred to 502 loans, just as FHA loans are sometimes referred to as 203 loans... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. A standard USDA loan usually just involves purchasing an existing home in a USDA eligible zone.

Section 502 loans, in most cases, are issued straight by the USDA and are for low income applicants. The USDA "Guaranteed" loans are issued by lenders and guaranteed by the USDA. The guaranteed loans allow for higher debt ratios, income and property areas. You can go the the USDA website ( http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do ) and check eligibility of your income and the property.Hope this helps.

depends on eligibility.

They are the same thing.