§ 50058.5
60 words·~1 min read·
/ca/health-and-safety-code/50058-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
“Buy-down mortgage plan” is a program by which the effective interest cost to the purchaser of a real property is reduced below market rates through supplemental payments by the agency to a qualified mortgage lender in return for which the agency shall obtain from the purchaser an interest-bearing note secured by a subordinated mortgage on the property which is purchased.