24 CFR 234.256 - Substitute mortgagors.

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§ 234.256 Substitute mortgagors.

(a) Selling mortgagor. The requirements for the selling mortgagor are set forth in § 203.258(a) of this chapter.

(b) Purchasing mortgagor.

(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.

(2) [Reserved]

(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]

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United States Code
U.S. Code: Title 12 - BANKS AND BANKING