24 CFR 234.256 - Substitute mortgagors.
(a) Selling mortgagor. The requirements for the selling mortgagor are set forth in § 203.258(a) of this chapter.
(1) If the dwelling is a principal or secondary place of residence, the requirements for the purchasing mortgagor are set forth in § 203.258(b)(1) of this chapter.
(c) Applicability—current mortgagor. Paragraph (b) of this section applies to the Commissioner's approval of a substitute mortgagor only if the mortgage executed by the original mortgagor met the conditions of § 203.258(c) of this chapter.
(d) Applicability—earlier mortgagor. The occupancy and similar requirements set forth in § 203.258(d) of this chapter apply to mortgages insured under subpart A of this part.
(e) Direct endorsement. Requirements for the direct endorsement program are set forth in § 203.258(f) of this chapter.
(f) Substitute mortgagor is defined in § 203.258(f) of this chapter.
[55 FR 34814, Aug. 24, 1990, as amended at 57 FR 38352, Dec. 9, 1992; 61 FR 60163, Nov. 26, 1996]
Title 24 published on 2014-04-01
no entries appear in the Federal Register after this date.