24 CFR 203.47 - Eligibility of growing equity mortgages.

Status message

There are 4 Updates appearing in the Federal Register for 24 CFR Part 203. View below or at eCFR (GPOAccess)
§ 203.47 Eligibility of growing equity mortgages.
A mortgage containing provisions for accelerated amortization corresponding to anticipated variations in family income shall be eligible for insurance under this subpart, subject to compliance with the additional requirements of this section.
(a) The mortgage must contain complete amortization provisions, satisfactory to the Secretary, requiring monthly payments by the mortgagor not in excess of the mortgagor's reasonable ability to pay, as determined by the Secretary.
(b) The mortgage must contain a provision setting forth the payments required for principal and interest in each year of the mortgage.
(c) The monthly payments for principal and interest for the initial year, or such other initial period as the commissioner may approve, shall be determined on the basis of a 30-year level payment amortization schedule. Subsequent monthly payments for principal and interest may increase annually, biennially or at such other interval that is greater than one year, as the Commissioner may approve. The subsequent periodic increases may be up to five percent above the payments for principal and interest for the previous period.
(d) No later than at the time that a loan application is offered to a prospective mortgagor, the mortgagee shall explain fully to the mortgagor the nature of the obligation undertaken and the mortgagor shall certify that he or she fully understands the obligation.
(e) The mortgage amount shall not exceed the limits prescribed by § 203.18, 203.18a, or 203.29.
(f) Sections 203.21 and 203.44 shall not apply to this section.
(g) This section shall not apply to a mortgage which meets the requirements of § 203.43, § 203.43a, or § 203.49.
(h) Mortgages complying with the requirements of this section shall be insured under this subpart pursuant to section 245(a) of the National Housing Act.
[49 FR 19453, May 8, 1984, as amended at 49 FR 23584, June 6, 1984; 53 FR 8881, Mar. 18, 1988; 58 FR 41003, July 30, 1993]

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.

  • 2015-02-17; vol. 80 # 31 - Tuesday, February 17, 2015
    1. 80 FR 8243 - HUD's Qualified Mortgage Rule: Annual Threshold Adjustments to the Points and Fees Limit
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing—Federal Housing Commissioner
      Announcement of HUD's qualified mortgage rule's annual threshold adjustments.
      Effective Date: February 17, 2015.
      24 CFR Part 203

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

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 Part 203 after this date.

  • 2015-02-20; vol. 80 # 34 - Friday, February 20, 2015
    1. 80 FR 9253 - Federal Housing Administration (FHA): Standardizing Method of Payment for FHA Insurance Claims
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing-Federal Housing Commissioner
      Proposed rule.
      Comment Due Date: April 21, 2015.
      24 CFR Parts 203, 207, 220, 221, 232, 235, 236 and 241