Is this running "Microsoft® Windows Embedded Handheld 6.5.3"? Then use "\Windows\cgacutil.exe" on the device to get the installed .Net Framework Version.
The MS .Net Compact Framework distribution cab files are located on the PC at below "C:\Program Files (x86)\Microsoft.NET\SDK\CompactFramework". For example: "C:\Program Files (x86)\Microsoft.NET\SDK\CompactFramework\v2.0\WindowsCE\wce500\armv4i\NETCFv2.wm.armv4i.cab"
There is normally no need to install an 'older' or the 'same' framework on the device. Normally WEH653 comes with CF3.5 installed.
Update:
NETCF 2 SP2 redistributable (does not say exact CF version)
https://www.microsoft.com/en-us/download/details.aspx?id=17981
But this site says CF2 SP2 is 2.0.6129.0: https://en.wikipedia.org/wiki/.NET_Compact_Framework
(see also history at https://msdn.microsoft.com/en-us/library/ms228799%28v=vs.90%29.aspx)
Where do you get this info: 2.0.50727?
BTW: In most cases (99.9%) using a newer runtime version is no problem. Even running CF2 apps with a CF3.5 runtime
Another point is, that if you enable project properties "Distribute latest Runtime" (or similar), VS will deploay a CF runtime cab to the device before it launches the project's application.
Some projects set specific version numbers for assemblies. Please check this and possibly remove the explicit version request.