24 CFR 203.17 - Mortgage provisions.
(1) The term mortgage as used in this part, except § 203.43c, means a first lien as is commonly given to secure advances on, or the unpaid purchase price of, real estate under the laws of the jurisdiction where the property is located, and may refer both to a security instrument creating a lien, whether called a mortgage, deed of trust, security deed or another term used in a particular jurisdiction, as well as the credit instrument, or note, secured thereby.
(i) The mortgage shall be in a form meeting the requirements of the Commissioner. The Commissioner may prescribe complete mortgage instruments. For each case in which the Commissioner does not prescribe complete mortgage instruments, the Commissioner
(B) May also prescribe the language or substance of additional provisions for all mortgages as well as the language or substance of additional provisions for use only in particular jurisdictions or for particular programs.
(ii) Each mortgage shall also contian any provisions necessary to create a valid and enforceable secured debt under the laws of the jurisdiction in which the property is located.
(b)Mortgage multiples. A mortgage shall involve a principal obligation in a multiple of $1.
(c)Payments. The mortgage shall:
(1) Come due on the first of the month.
(3) Provide for payments to principal and interest to begin not later than the first day of the month following 60 days from the date the mortgage is executed (or the date a construction mortgage is converted to a permanent mortgage, if applicable).
Title 24 published on 20-Apr-2017 03:34
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 203 after this date.
- 24 CFR 203.251 — Definitions.
- 24 CFR 203.41 — Free Assumability; Exceptions.
- 24 CFR 203.43i — Eligibility of Mortgages on Hawaiian Home Lands Insured Pursuant to Section 247 of the National Housing Act.
- 24 CFR 203.43h — Eligibility of Mortgages on Indian Land Insured Pursuant to Section 248 of the National Housing Act.