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24 CFR 242.91 - Eligibility of refinancing transactions.

There is 1 rule appearing in the Federal Register for 24 CFR 242. Select the tab below to view, or View eCFR (GPOAccess)
§ 242.91
Eligibility of refinancing transactions.
A mortgage given to refinance an existing insured mortgage under section 241 or Section 242 of the Act covering a hospital may be insured under this subpart pursuant to section 223(a)(7) of the Act. Insurance of the new, refinancing mortgage shall be subject to the following limitations:
(a) Principal amount. The principal amount of the refinancing mortgage shall not exceed the lesser of:
(1) The original principal amount of the existing insured mortgage, or
(2) The unpaid principal amount of the existing insured mortgage, to which may be added loan closing charges associated with the refinancing mortgage, and costs, as determined by HUD, of improvements, upgrading, or additions required to be made to the property.
(b) Debt service rate. The monthly debt service payment for the refinancing mortgage may not exceed the debt service payment charged for the existing mortgage.
(c) Mortgage term. The term of the new mortgage shall not exceed the unexpired term of the existing mortgage, except that the new mortgage may have a term of not more than 12 years in excess of the unexpired term of the existing mortgage in any case in which HUD determines that the insurance of the mortgage for an additional term will inure to the benefit of the FHA Insurance Fund, taking into consideration the outstanding insurance liability under the existing insured mortgage, and the remaining economic life of the property.
(d) Minimum loan amount. The mortgagee may not require a minimum principal amount to be outstanding on the loan secured by the existing mortgage.

Title 24 published on 2012-04-01

The following are only the Rules published in the Federal Register after the published date of Title 24.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2013-02-05; vol. 78 # 24 - Tuesday, February 5, 2013
    1. 78 FR 8330 - Federal Housing Administration (FHA): Hospital Mortgage Insurance Program—Refinancing Hospital Loans
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, Office of the Assistant Secretary for Housing—Federal Housing Commissioner
      Final rule.
      Effective Date: March 7, 2013.
      24 CFR Part 242

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
USC : Title 12 - BANKS AND BANKING

§ 1709 - Insurance of mortgages

§ 1710 - Payment of insurance

§ 1715u - Authority to assist mortgagors in default

12 USC § 1715z–7 - Mortgage insurance for hospitals

USC : Title 15 - COMMERCE AND TRADE

§ 78w - Rules, regulations, and orders; annual reports

15 USC § 80a–37 - Rules, regulations, and orders

Title 24 published on 2012-04-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR 242 after this date.

  • 2013-02-05; vol. 78 # 24 - Tuesday, February 5, 2013
    1. 78 FR 8330 - Federal Housing Administration (FHA): Hospital Mortgage Insurance Program—Refinancing Hospital Loans
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, Office of the Assistant Secretary for Housing—Federal Housing Commissioner
      Final rule.
      Effective Date: March 7, 2013.
      24 CFR Part 242