24 CFR 982.632 - Homeownership option: Financing purchase of home; affordability of purchase.

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There are 2 Updates appearing in the Federal Register for 24 CFR 982. View below or at eCFR (GPOAccess)
§ 982.632 Homeownership option: Financing purchase of home; affordability of purchase.
(a) The PHA may establish requirements for financing purchase of a home to be assisted under the homeownership option. Such PHA requirements may include requirements concerning qualification of lenders (for example, prohibition of seller financing or case-by-case approval of seller financing), or concerning terms of financing (for example, a prohibition of balloon payment mortgages, establishment of a minimum homeowner equity requirement from personal resources, or provisions required to protect borrowers against high cost loans or predatory loans). A PHA may not require that families acquire financing from one or more specified lenders, thereby restricting the family's ability to secure favorable financing terms.
(b) If the purchase of the home is financed with FHA mortgage insurance, such financing is subject to FHA mortgage insurance requirements.
(c) The PHA may establish requirements or other restrictions concerning debt secured by the home.
(d) The PHA may review lender qualifications and the loan terms before authorizing homeownership assistance. The PHA may disapprove proposed financing, refinancing or other debt if the PHA determines that the debt is unaffordable, or if the PHA determines that the lender or the loan terms do not meet PHA qualifications. In making this determination, the PHA may take into account other family expenses, such as child care, unreimbursed medical expenses, homeownership expenses, and other family expenses as determined by the PHA.
(e) All PHA financing or affordability requirements must be described in the PHA administrative plan.
[65 FR 55163, Sept. 12, 2000, as amended at 66 FR 33613, June 22, 2001]

Title 24 published on 2014-04-01

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.

  • 2014-06-25; vol. 79 # 122 - Wednesday, June 25, 2014
    1. 79 FR 35940 - HUD Implementation of Fiscal Year 2014 Appropriations Provisions on Public Housing Agency Consortia, Biennial Inspections, Extremely Low-Income Definition, and Utility Allowances
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing—Federal Housing Commissioner and Office of the Assistant Secretary for Public and Indian Housing
      Notice of statutory changes.
      Effective Date: July 1, 2014.
      24 CFR Parts 5, 943, and 982

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United States Code
U.S. Code: Title 42 - THE PUBLIC HEALTH AND WELFARE

Title 24 published on 2014-04-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR 982 after this date.

  • 2014-06-25; vol. 79 # 122 - Wednesday, June 25, 2014
    1. 79 FR 35940 - HUD Implementation of Fiscal Year 2014 Appropriations Provisions on Public Housing Agency Consortia, Biennial Inspections, Extremely Low-Income Definition, and Utility Allowances
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing—Federal Housing Commissioner and Office of the Assistant Secretary for Public and Indian Housing
      Notice of statutory changes.
      Effective Date: July 1, 2014.
      24 CFR Parts 5, 943, and 982